HomeMy WebLinkAbout1991-167
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RESO~m1 RO. 91-167
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AOOPrIlIG mil 1992 PIIlJPOSIlD CAPIftL 0IftLllY ~J.nJJOI:i
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l)IH'f.Jlva'PTllIIII OF OPFICIAL ............ 'l'O _TIIRIIR!'IR
mil 1992 PIIlJPOSIlD CAPITAL 0IftLllY IWU'Z>IUIU\lJOl:i
Whereas, the City Council of the City of Stillwater has reviewed the Proposed 1992 SUdqet
and Proposed 1992 Capital outlay, and
Whereas, the City of Stillwater is required by State Statute to adopt a 1992 proposed budqet
and 1992 proposed tax levy, and
Whereas, the 1992 proposed capital outlay expenditures are an inteqral part of the 1992
proposed budget, and
Whereas, the City of Stillwater intends to comply with treasury regulations, Section 1.103-
17 and 1.103-18 (the "Regulations"), promulgated under the Internal Revenue Code of 1986,
as amended, hereby states and certifies as follows:
1. Attached to and made a part of this resolution as Schedule A is a description of
estimated amounts and types of costs to be incurred by the City with respect to certain
property to be acquired or constructed by the City.
2. None of the costs has been paid by the City prior to the date of this resolution.
Each of the costs relates to property having a useful life of at least one year.
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3. The City of Stillwater intends to reimburse itself for the payment of the costs out
of the proceeds of a taxable or tax exempt bond issue, debt or similar borrowing to
be issued by the City after the date of payment of the costs. In the meantime, the
City reasonably expects to pay and temporarily finance the costs from general funds
and/or special revenue funds and/or enterprise funds.
4. The reasonably expected source of funds to be used by the City to pay the debt service
on the bonds is a general property tax levy for the City of Stillwater.
5. As of this date, there are no sources of City funds which are or are reasonably
expected to be allocated on a long-term basis, reserved or otherwise available pursuant
to the City's budget, to provide permanent financing for the costs, other than the
bonds.
6. The City of Stillwater certifies, as of this date, that the above statements are
reasonable and accurate and are consistent with the city's budgetary and financial
circumstances.
Adopted this 27th day of August 1991.
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Mayor
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City Cle