19920728 r-92-41RESOLUTION NO. R-92-41
RESOLUTION OF OFFICIAL INTENT TO REIMBURSE
EXPENDITURES FOR LAND ACQUISITION WITH
PROCEEDS OF BORROWING
WHEREAS, the City of Fairfax, Virginia (the "City',) , is
completing arrangements for the acquisition of a parcel of land at
a cost of approximately $400,000 (the "Project"); and
WHEREAS, the City proposes to finance the cost of the Project
from borrowed funds, which may include lease-purchase financing
either in the form of lease revenue bonds to be issued by a third
party such as the City's industrial development authority or
certificates of participation representing undivided interests in
lease payments to be made by the City (any such borrowing
constituting "Borrowed Funds"); and
WHEREAS, the. City intends to pay expenditures related to the
Project prior to the receipt of Borrowed Funds and to receive
reimbursement for such expenditures from the proceeds of the
Borrowed Funds;
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FAIRFAX,
VIRGINIA:
1. The City intends to finance the Project through the
Borrowed Funds, which shall be in amount not to exceed $400,000.
2. The City intends to receive reimbursement from proceeds
of the Borrowed Funds for costs of the Project paid by the City
prior to receipt of the Borrowed Funds.
3. The City intends that the adoption of this resolution be
considered as "official intent" within the meaning of Treasury
Regulations Section 1.103-18 promulgated under the Internal Revenue
Code of 1986, as amended.
4. The City Clerk is directed to make a copy of this
resolution continuously available for inspection by the general
public during normal business hours at the City Clerk's office from
the date of adoption hereof through the date of receipt of the
Borrowed Funds.
ADOPTED this 28th day of July, 1992.
ATTEST:
Jerk