Financial- Norwest (1-2 Files) - Laserfiche WebLink

Home Browse Search

costs of the Courthouse Square Project, including but not limited to the costs of issuance incurred in connection with the issuance and sale of the Certificates and interest on the Certificates during the period of construction of the Courthouse Square Project. (C) USE OF PROCEEDS FOR REIMBURSEMENT OF PRE-ISSUANCE EXPENDITURES. Prior to the date hereof, the County has incurred and paid various expenditures relating to the Courthouse Square Project (collectively, the "Pre-Issuance Expenditures"). All Pre-Issuance Expenditures were capital expenditures within the meaning of Regulations § 1.150-1(b) (that is, expenditt~res that are properly chargeable to the capital account of the Courthouse Square Project, or that would be so chargeable with either a proper election to do so or the application of the placed in service rules under Regulations § 1.150-2(c)). _. . __ . . . . __... _ .. . . Reference is hereby made to Resolu~r~an ::~ca ~'7:~~R ~°~~'~~*~~~ adopted by the Commissioners of the County on N~~ch:;.~.a; I~g~~°m'~°r ' ~, ' nn9 pursuant to which the Board of Directors declared its intent to reimburse itself out of th~:;prt~~~e~s t~~;t~~ e~~mpt;obliga~ians ; suc:h as the Certificate~ for the Pre-Issuance Expenditures (herein referred to as an ;: "Off cial Intent Declaration"). ~ ~ In order to comply with the requirements for a valid "reimbursement allocation" as such term is defined in Regulations § 1.150-2(c), on the date hereof the County will submit to the Trustee a requisition certificate in the form of E~chibit A-2 to the Agreement (the "Reimbursement Requisition") in order to reimburse itself out of Certificate Proceeds for the Pre-Issuance EYpenditures that will be identified in Exhibit A to be attached to such requisition certificate (the "Reimbursed Expenditures"). The County hereby represents and warrants that: (A) the Reimbursement Requisition identifies in reasonable detail each Reimbursed Expenditt~re for which amotults are being requisitioned from the Proceeds on deposit in the Project Fund, and upon receipt of the amount to be so disbursed, the County will credit such amount by making appropriate entries on the books and records of the County; (B) no amounts received by the County pursuant to such Reimbursement Requisition will be used, within one year from the date upon which such fiinds are disbursed to the County, to make any deposit in any fund or account relating to any other issue of federally tax-exempt obligations (other than any such fund or account that constitutes a"bona fide debt service fund" within the meaning of Regulations ~ 1.148- 1(b)), nor will such amounts be used in any manner that would cause them to be or become replacement proceeds (within the meaning of Regulations § 1.148-1(c)) for the Certificates or any other issue of federally tax-exempt obligations; (C) no Reimbursed Expenditures consist of expenditures for any purpose other than the Courthouse Square Project described in the Official Intent Declaration; GENERAL AND TA~ CERTIFICATE PAGE 6