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<br />I <br /> <br />I <br /> <br />I <br /> <br />TOWN OF TRUCKEE <br />California <br /> <br />RESOLUTION NO. 2008-76 <br /> <br />A RESOLUTION DECLARING THE OFFICIAL INTENT OF THE TOWN OF <br />TRUCKEE TO REIMBURSE ITSELF FOR CERTAIN CAPITAL <br />EXPENDITURES FROM THE PROCEEDS OF INDEBTEDNESS <br /> <br />WHEREAS, the Town of Truckee (the "Town') intends to provide for the <br />acquisition, renovation and construction of certain capital improvements for the Town's <br />proposed corporation yard project, including but not limited to the acquisition of land, other <br />capital improvements, and related improvements (the "Project"), <br /> <br />WHEREAS, the Town expects to pay certain expenditures (the "Reimbursement <br />Expenditures') in connection with the Project prior. to the issuance of indebtedness for the <br />purpose of financing costs associated with the Project on a long-term basis; <br /> <br />WHEREAS, the Town reasonably expects that debt obligations for the Project in <br />an amount not expected to exceed $30,000,000 will be issued and that certain of the proceeds <br />of such debt obligations will be used to reimburse the Reimbursement Expenditures; <br /> <br />WHEREAS, proceeds of such debt obligations will be allocated to <br />Reimbursement Expenditures no later than 18 months after the later of (i) the date the cost is <br />paid, or (ii) the date the project is placed in service or abandoned (but in no event more than <br />three years after the cost is paid); and <br /> <br />WHEREAS, the Town may issue debt obligations for the Project in connection <br />with obligations for other projects; <br /> <br />NOW THEREFORE, BE IT RESOLVED by the Town Council of the Town of <br />Truckee, as follows: <br /> <br />Section 1. The foregoing recitals are true and correct and this Council hereby <br />so finds and determines. <br /> <br />Section 2. This declaration is made solely for purposes of establishing <br />compliance with the requirements of Section 1.150-2 of the Treasury Regulations. This <br />declaration does not bind the Town to make any expenditure, incur any indebtedness, or <br />proceed with the Project. <br /> <br />Section 3. The Town hereby declares its official intent to use proceeds of <br />indebtedness to reimburse itself for Reimbursement Expenditures. <br /> <br />Section 4. This declaration shall take effect from and after its adoption. <br />