HomeMy WebLinkAboutRESOLUTION NO 07-12-67STATE OF GEORGIA
COUNTY OF FULTON RESOLUTION NO. 07-12-67
RESOLUTION OF THE MAYOR AND COUNCIL OF THE CmY OF MILTON,
GEORGIA AUTHORIZING SOLICITATION
OF TAX ANTICIPATIOE NOTE FINANCING
WEEREAS, the City of Milton, Georgia (the "City") has been duly created and is
validly existing as a municipal corporation of the State of Georgia; and
WHEREAS, the Mayor and Council of the City are charged with the duties of
contracting debts and managing the affairs of the City (the "Governing Body"); and
WHEREAS, the City is authorized 'by Article IX,Section V, Paragraph V of the
Constitution of the State of Georgia and Section 36-80-2 of the Oficial Code of Georgia
Annotated, to incur a temporary loan in order to pay current expenses during any calendar year;
and
WHEREAS, the Governing Body has determined that it is in the best interest of
the City to incur a temporary loan in order to pay current expenses for calendar year 2008 in
anticipation of the receipt of taxes levied or to be levied for its general fund (the "General
Fund"); and
WHEREAS, the City proposes to issue its Tax Anticipation Notes in the
aggregate principal amount not to exceed $5,784,047 (TANS" or 'Notes") to pay the current
expenses of the City; and
WHEREAS, the City proposes to authorize the Mayor, the City Manager and
certain professionals to solicit bids or requests for the TAN and to make recommendations on
their findings to the Governing Body;
NOW, THEREFORE,BE IT RESOLVED by the Governing Body of the City and
it is hereby resolved by authority of the same, as follows:
Section 1. Findings. The Governing Body hereby finds and determines the
following: (a) the aggregate principal mount of the TANS to be authorized will not exceed 75%
of the total gross income from taxes which have been collected by the City in calendar year
2007; (b) the TANS to be authorized shall be paid in full on or before December 31,2008; (c)no
temporary loan or other contract, note, warrant or other obligation for current expenses incurred
in calendar year 2007 or any prior calendar year will be unpaid as of the end of calendar year
2007; (d) the City to date has made no other temporary loans or other contracts, notes, warrants
or obligations for current expenses; (e) the aggregate principal amount of the TANS to be
authorized, together with other contracts, notes, warrants or obligations of the City to be incurred
for expenses in calendar year 2008, will not exceed the total anticipated tax revenues of the City
for calendar year 2008; (el the money authorized to be borrowed will become part of the general
revenues of the City and deposited into the General Fund; and (f) a need exists for the City to
borrow no more than $5,784,047 to pay current expenses of the City in calendar year 2008 prior
to the receipt of sufficient revenues from taxes levied or to be levied for 2008.
Section2. Bids. The City Manager or City Administrator is hereby
delegated the authority to establish a bid process to obtain the TANS. Such bid process may be
solicitation of bids or requests or such other process in accordance to City polices and
procedures. Such solicitation or other process may be conducted in one request or by several
requests as determined to be in the best interests of the City by the City Manager or City
Administrator. The City Manager or City Administrator will present hidher findings and make
recomendations on any actions or approvals needed by the Governing Body for the TANS.
Section 3. Bond Counsel. In connection with the purchase or leasing of the
Equipment, the law firm of Troutman Sanders LLP is hereby designated as bond counsel for the
provision of any legal opinions required by a lender regarding the exemption fiom gross income
for any interest component under the TANS.
Sectien4. General Autho~tv. From and after the date of adoption of this
resolution, the Mayor and the officers of the City are hereby authorized to do such acts and
things, and to execute and deliver all such certificates or agreements as may be necessary or
desirable in connection with the TANS, All actions of the Governing Body, officers or agents of
the City taken in connection therewith prior to the date hereof are hereby ratified and confirmed.
Section 5. Effective Date. This resolution shall be in full force and effect
immediately upon its adoption, and any and all resolutions or parts of resolutions in conflict with
this resolution shall be, and they are, to the extent of such conflict, hereby repealed.
Adopted and approved by the Governing Body of the City on December 13,2007.
CITY OF MILTON, GEORGIA
Bv:
Mayor . '
Attest:
(Seal)