Resolution 46-25 _Buckeye_ETO_2025_-_Reimbursement RJ- 6-23-25.docx

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RESOLUTION NO. 46-25 
 
A RESOLUTION OF THE MAYOR AND COUNCIL OF THE CITY OF BUCKEYE, 
ARIZONA, DECLARING, FOR PURPOSES OF SECTION 1.150-2 OF THE FEDERAL 
TREASURY REGULATIONS, OFFICIAL INTENT TO BE REIMBURSED IN 
CONNECTION 
WITH 
CERTAIN 
CAPITAL 
EXPENDITURES 
RELATING 
TO 
ACQUISITION OF WATER RIGHTS. 
 
WHEREAS, the City of Buckeye, Arizona (the “City”) is authorized and empowered 
pursuant to law to issue or cause to be issued obligations to finance the costs of various capital 
facilities and/or assets owned or to be owned by the City; and 
 
WHEREAS, it is contemplated that certain expenditures made by the City with regard to 
capital facilities and/or assets owned or to be owned by the City with regard to the acquisition of 
water rights (collectively, the “Project”) will be reimbursed from the proceeds of the sale of 
obligations to be issued in the future by or on behalf of the City;  
 
BE IT RESOLVED by the Mayor and Council of the City of Buckeye, Arizona, as follows: 
 
Section 1. 
Definitions.  The following terms shall have the meanings assigned 
thereto as follows: 
 
“official intent” means a declaration of intent of the City to reimburse an original 
expenditure with proceeds of an obligation; 
 
“original expenditure” means an expenditure for a governmental purpose that is originally 
paid from a source other than a reimbursement bond; and 
 
“reimbursement bond” means the portion of an issue of obligations allocated to 
reimburse an original expenditure that was paid before the issue date of such issue. 
 
Section 2.  
Official Intent.  This Resolution is official intent relating to reimbursement 
for the original expenditures for the Project which are capital expenditures (being any cost of a 
type that is properly chargeable to a capital account (or would be so chargeable with a proper 
election) under general federal income tax principles) made within sixty (60) days before and 
any time after the date of this Resolution.  The maximum principal amount of obligations 
(including the reimbursement bonds for such purposes) to be issued for the Project is expected 
not to exceed $80,000,000. 
 
Section 3. 
Reasonableness of Official Intent.  On the date of this Resolution, the 
Mayor and Council of the City have a reasonable expectation (being that a prudent person in 
the same circumstances would have based on all the objective facts and circumstances) that 
the City will reimburse such original expenditures with proceeds of such obligations.  Official 
intents have not been declared by the City as a matter of course or in amounts substantially in 
excess of the amounts expected to be necessary for such projects.  Moreover, the City does not 
have a pattern (other than in extraordinary circumstances) of failure to reimburse actual original 
expenditures covered by official intents.

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Section 4.  
Reimbursement Period.  With certain exceptions, an allocation in writing 
that evidences use of proceeds of the reimbursement bonds to reimburse the original 
expenditures shall be made not later than 18 months after the later of (i) the date that the 
original expenditure is paid, or (ii) the date the project is placed in service or abandoned, but in 
no event more than 3 years after the original expenditure is paid. 
 
Section 5. 
Public Record.  This Resolution shall be included as of the date hereof in 
the publicly available official records of the City, such records being maintained and supervised 
by the City Clerk, being the main administrative office of the City, and shall remain available for 
public inspection on a reasonable basis. 
 
PASSED AND ADOPTED by the Mayor and Council of the City of Buckeye, Arizona, on 
the 1st day of July 2025. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Eric W. Orsborn, Mayor 
 
ATTEST: 
 
 
Lucinda J. Aja, City Clerk  
 
 
APPROVED AS TO FORM: 
 
 
K. Scott McCoy, City Attorney 
 
CERTIFICATION 
 
I, Lucinda J. Aja, the duly appointed and acting Clerk of the City of Buckeye, Arizona, do 
hereby certify that the above and foregoing Resolution No. 46-25 was duly passed by the Mayor 
and Council of the City of Buckeye, Arizona, at a City Council meeting held on July 1, 2025 and 
the vote was ___ aye's, ___ nay's, ___ recused, and  
  were absent and that the Mayor 
and ___ Council Members were present thereat. 
 
DATED: July 1, 2025. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Lucinda J. Aja, City Clerk