HomeMy WebLinkAboutRES. NO. 18-03-470 - 03/19/2018 - Authorize reimbursement of expenditures - bond PDSTATE OF GEORGIA
COUNTY OF FULTON RESOLUTION NO. 18-03-470
RESOLUTION OF THE CITY OF MILTON AUTHORIZING REIMBURSEMENT OF
EXPENDITURES RELATED TO ACQUISITION, CONSTRUCTION AND EQUIPPING
POLICE STATION, COURT FACILITY AND FIRE STATIONS WITH BOND
PROCEEDS
WHEREAS, the City of Milton, Georgia (the "City") intends to acquire, construct
and equip buildings that will house a police station, fire stations and a courthouse (collectively,
the "Project"); and
WHEREAS, the City also intends to finance all or a portion of the costs of the
Project with the proceeds of tax-exempt obligations (the "Bonds") to be issued by the City or an
authority on behalf of the City; and
WHEREAS, the City also intends to pay for a portion of the costs of the Project
prior to the issuance of the Bonds; and
WHEREAS, the City may reimburse itself with Bond proceeds for the costs of the
Project paid by it prior to the issuance of the Bonds.
NOW, THEREFORE, be it resolved by the Mayor and Council of the City, and it
is hereby resolved by the same, as follows:
1. The City reasonably expects to reimburse itself with Bond proceeds for
the costs of the Project paid by it prior to the issuance of the Bonds to the extent permitted by
Section 1.150-2 of the Income Tax Regulations.
2. The maximum principal amount of debt which the City presently expects
to be issued relating to the Project is currently estimated to be $17,000,000.
Adopted this 19th day of March, 2018.
(SEAL)
Attest;`
Clerk
CITY OF MILTON, GEORIGA
Mayor
CLERK'S CERTIFICATE
The undersigned Clerk of the City of Milton, Georgia (the "City") DOES
HEREBY CERTIFY that the foregoing pages of typewritten matter constitute a true and correct
copy of a resolution adopted by the City, at a meeting which was duly called and assembled on
the 19t` day of March, 2018, at which meeting a quorum was present and acting throughout, and
that the original of said resolution appears in the minute book of the City which is in my custody
and control.
WITNESS my hand this 19th of March, 2018.
Z;'27
Clerk
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