HomeMy WebLinkAboutIncome Tax Resolution
Augusta Richmond GA
DOCUMENT NAME: --X={\C6VY1t\o-~ Re~() '~tlO rJ
DOCUMENT TYPE1;e:'SO\uti () n
YEAR: 1-000
BOX NUMBER: 0j
FILE NUMBER: 1 ~ I () 4.,
NUMBER OF PAGES:
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RESOLUTION
A RESOLUTION TO DECLARE OFFICIAL
INTENT PURSUANT TO THE PROVISIONS
OF SECTION 1.150-2 OF THE INCOME TAX
REGULATIONS PROMULGATED UNDER
THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED.
WHEREAS, Augusta, Georgia ("Augusta") is the owner and operator of the Augusta
Utilities Department; and
WHEREAS, Augusta desires to expand and improve the water and sewage system and
related facilities of Augusta (the "Project"); and
WHEREAS, Augusta will make certain expenditures with respect to the Project whicp'
the Commission desires to reimburse itself with proceeds of bonds the interest on which is
excludable from gross income under Section 103 of the Internal Revenue Code of 1986, as
amended (the "Code"); and
WHEREAS, certain regulations under the Code including specifically Section 1.150-2,
allow such expenditures to be reimbursed provided that Augusta declares its "official intent" to
reimburse itself for a prior expenditure with proceeds of a tax-exempt borrowing; and
NOW, THEREFORE, be it resolved by the Augusta-Richmond County Commission, as
fo llows:
1. Augusta intends to finance certain capital or other allowable expenditures relating
to the Project with bonds the interest on which is excludable from gross income under Section
103 of the Code in the form of revenue bonds in an aggregate principal amount that is not
expected to exceed $85,000.000. Prior to the issuance of the revenue bonds Augusta has
ineurred or will incur expenditures relating to the Project, which will be paid from the Augusta
Utilities Department's funds.
2. Augusta hereby expresses its official intent to reimburse itself for the foregoing
expenditures from the proceeds ofthe above-referenced revenue bonds when they are issued.
3. Augusta reserves the right to amend this Reso lution or to adopt a further
Rt::solution relating to the Project. Any and all Resolutions or parts of Resolutions in conflict
with this Resolution are hereby repealed.
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4. This Resolution shall be effective immediately upon adoption,
ADOPTED this 1 day of jJ(./J1&;f , 2000.
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