Vote — approved

Steve Gallardo	yes
Jack Sellers	yes
Bill Gates	yes
Clint Hickman	yes
Steve Chucri	yes

48.RESOLUTION FOR DECLARATION OF OFFICIAL INTENT TO REIMBURSE FOR PURPOSES OF SECTIONS 103 AND 141‐150 OF THE INTERNAL REVENUE CODE OF 1986 Authorize the Chairman to approve and execute the Resolution, which constitutes a Declaration of Official Intent to Reimburse required for the issuance of tax‐exempt securities to reimburse prior expenditures, related to the construction, acquisition and equipping of County capital projects scheduled for Fiscal Years 2020‐21, 2021‐22, 2022‐23, and 2023‐24. T

Item Text

48. RESOLUTION FOR DECLARATION OF OFFICIAL INTENT TO REIMBURSE FOR PURPOSES OF SECTIONS 103 AND 141‐150 OF THE INTERNAL REVENUE CODE OF 1986 Authorize the Chairman to approve and execute the Resolution, which constitutes a Declaration of Official Intent to Reimburse required for the issuance of tax‐exempt securities to reimburse prior expenditures, related to the construction, acquisition and equipping of County capital projects scheduled for Fiscal Years 2020‐21, 2021‐22, 2022‐23, and 2023‐24. The maximum original amount of obligations expected to be issued related to these projects is $80,000,000. This is in addition to the Declaration of Official Intent to reimburse $76,500,000 of project expenditures approved by the Board of Supervisors on July 22, 2020 (C‐18‐21‐003‐X‐00). The County is anticipating issuing tax‐exempt obligations to finance capital projects in the Capital Projects Fund (Fund 443). The maximum original amount of obligations expected to be issued is $142,500,000. Exhibit A shows the proposed capital project expenditures by anticipated fiscal year. The County reasonably expects to reimburse the expenditures with proceeds of a tax‐exempt borrowing. (C-18-21-094-X-00)

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