HomeMy WebLinkAboutPROVISION SECTION 1-150-2 OF THE INCOME TAX REGULATION REVENUE CODE AS AMENDED
Augusta Richmond GA
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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, the Augusta, Georgia ("Augusta") is the owner and operator of the Augusta
Regional Airport at Bush Field in Augusta, Georgia ("Airport"); and
WHEREAS, Augusta desires to construct, expand and install on property owned by
Augusta certain facilities consisting of a Testing Facility, a hangar and certain facilities and
equipment related thereto (the Project); and
WHEREAS, Augusta will make certain expenditures with respect to the Project 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 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 itselfJor 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 fmance 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 $3,000,000. Prior to the issuance ofthe revenue bonds Augusta has incurred
or will incur expenditures relating to the Project 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 ofthe above-referenced revenue bonds when they are issue. In
adopting this resolution, it is intended by the City as its "official intent"(within the meaning of
Sections 1.103-8(a)(5) and 1.150-2 of the Income Tax Regulations under the Internal Revenue
Code of 1986, as amend) toward the issuance of the proposed bonds.
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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.
4. This Resolution shall be effective immediately upon adoption.
ADOPTED this 2nd day of May
,2000.
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By:
~ As its Mayor
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