HomeMy WebLinkAboutIntent Pursuant to the Provisions of Section 1.150-2
Augusta Richmond GA
DOCUMENT NAME: I NT 15 dIJ'f" rU ~ 5U A <0 '1 -t 0 III e- *0 V ,<;;; ON 8, e.~
S EC-\\o.-J \ 0 I ~()-'J.
DOCUMENT TYPE: ~ ~ ~D L l) '\l 0 N
YEAR: ,C19 ~
BOX NUMBER- le
FILE NUMBER: } 4 D 4 1-\
NUMBER OF PAGES: ;;2
..!.'~~. -
. '.
,," '
.,
~
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, the Augusta, Georgia ("Augusta") is the owner and operator of the Bush
Field Airport in Augusta, Georgia ("Airport"); and
WHEREAS, Augusta desires to redevelop, expand and improve the terminal building
and related facilities at the Airport ("Terminal Development program"); and
WHEREAS, Augusta will make certain expenditures with respect to the Terminal
Development Program at the Airport which the Commission desires to reimburse itself with
proceeds of bonds the interest on which is excludable from gross income under Section 1 03 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
follows:
1. Augusta intends to finance certain capital or other allowable expenditures relating
to the Terminal Development Program 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 $25,000.000. Prior to the issuance of the revenue bonds
Augusta has incurred or will incur expenditures relating to the Terminal Development Program
at the Airport, which will be paid from the Airport's general operating funds.
2. Augusta hereby expresses its official intent to reimburse itself for the foregoing
expenditures from the proceeds of the above-referenced revenue bonds when they are issue.
3. Augusta reserves the right to amend this Resolution or to adopt a further
Resolution relating to the Airport. Any and all Resolutions or parts of Resolutions in conflict
with this Resolution are hereby repealed.
...... ..
'i i r
,.
-.
.-""
-
4. This Resolution shall be effective immediately upon adoption.
ADOPTED this ~day of (~f2:.t!t.j ,1999.
By:
~A
lf4T: . '~~-#J4';~~"~.'.; . Ilf"tu /IA/J ~ /
" . '. : ((/ /t/ /tt/V
~i: rk _~.: .-. o'", . / ~;-
..... . ~ . -. -.... .....:
'"
(SE.~~)
-
~.'
....
.... - - -. ~ -