DOI RESOLUTION.PDF

RESOLUTION
Authorizing Declarations of Official Intent Under U.S.
Treasury Regulations with Respect to Reimbursements from
Note and Bond Proceeds of Temporary Advances Made for
Payments Prior to Issuance, and Related Matters.
WHEREAS, United States Treasury Regulations §1.150-2 (the “Reimbursement
Regulations”) prescribe conditions under which proceeds of bonds, notes or other obligations
(“Bonds”) used to reimburse advances made for capital and certain other expenditures (“Original
Expenditures”) paid before the issuance of such Bonds will be deemed to be expended (or properly
allocated to expenditures) for purposes of Sections 103 and 141-150 of the Internal Revenue Code of
1986, as amended (the “Code”), upon such reimbursement so that the proceeds so used will no longer
be subject to requirements or restrictions under those sections of the Code; and
WHEREAS, certain provisions of the Reimbursement Regulations require that there be a
Declaration of Official Intent not later than 60 days following payment of the Original Expenditures
expected to be reimbursed from proceeds of Bonds, and that the reimbursement occur within certain
prescribed time periods after an Original Expenditure is paid or after the property resulting from that
Original Expenditure is placed in service; and
WHEREAS, this Board wishes to take steps to comply with the Reimbursement Regulations;
NOW, THEREFORE, be it resolved by the Board of Supervisors of Maricopa County (the
“Borrower”) as follows:
Section 1. Definitions. The following definitions apply to the tenns used herein:
“Authorized Officer” means the County Manager or the Chief Financial Officer of the
Borrower or any person designated for the purpose by either of such officers.
“Declaration of Official Intent” means a declaration of intent, in the form, manner and time
contemplated in the Reimbursement Regulations, that the advances for expenditures referred to
therein are reasonably expected to be reimbursed from the proceeds of Bonds to be issued after those
expenditures are paid.
“Reimbursement” or “reimburse” means the restoration to the Borrower of money
temporarily advanced from its own fluids and spent for Original Expenditures before the issuance of
the Bonds, evidenced in writing by an allocation on the books and records of the Borrower that shows
the use of the proceeds of the Bonds to restore the money advanced for the Original Expenditures.
“Reimbursement” or “reimburse” generally does not include the refunding or retiring of Bonds
previously issued and sold to, or borrowings from, unrelated entities.
Section 2. Authorization and Requirement of Declarations of Official Intent. Each
Authorized Officer is authorized to prepare and sign Declarations of Official Intent in substantially
the fonn attached with respect to Original Expenditures to which the Reimbursement Regulations
apply, to be made from money temporarily advanced and that is reasonably expected to be reimbursed
(in accordance with applicable authorizations, policies and practices) from the proceeds of Bonds, to
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make appropriate reimbursement and timely allocations from the proceeds of the Bonds to reimburse
such Original Expenditures, and to take any other actions as may be appropriate, all at the times and
in the maimer required under the Reimbursement Regulations in order for tine reimbursement to be
treated as an expenditure of such proceeds for purposes of Sections 103 and 141 to 150 of the Code.
No advance from any fund or account or order for payment may be made for Original Expenditures
(other than expenditures excepted from such requirement under the Reimbursement Regulations) that
are to be reimbursed subsequently from proceeds of Bonds unless a Declaration of Official Intent
with respect thereto is made within the time required by the Reimbursement Regulations.
PASSED, ADOPTED AND APPROVED by the Board of Supervisors of Maricopa
County, Arizona, on________________, 20__.
By:______________________________
Chairman, Board of Supervisors
ATTEST:
By:________________________
Clerk, Board of Supervisors
APPROVED AS TO FORM:
Squire Patton Boggs (US) LLP
Counsel for Maricopa County
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DECLARATION OF OFFICIAL INTENT
For Reimbursement of Expenditures from Bonds/Notes
This is a Declaration of Official Intent under U.S. Treasury Regulations for purposes of Sections 103
and 141 to 150 of the Internal Revenue Code of 1986, as amended (the “Code”).
1. The undersigned, on behalf of Maricopa County, Arizona (the “Borrower”) declares that
the Borrower reasonably expects that the capital and other expenditures described in
paragraph 2 (the “Project”) will be reimbursed with the proceeds of “bonds” (as defined
in Section 150 of the Code). The maximum principal amount of bonds expected to be
issued for the Project is $115,631.782.
2. Description of capital and other expenditures to be reimbursed.
Expenditures for the 225 West Madison Project. (Insert a general functional description
of property, project, program or purpose):
County capital project to repurpose an existing facility with is currently vacant.
The undersigned has been authorized by the Borrower to make and sign this Declaration on
behalf of the Borrower.
Date of Declaration: MARICOPA COUNTY, ARIZONA
,20
By.
(Signature)
(Type or print Name and Title)
Caution: This Declaration of Official Intent will not be effective unless the Bonds providing
moneys for the reimbursement are issued and the reimbursement for the Project described
above is made (by an allocation on the books and records identifying the expenditures as
in paragraph 2 above) within the applicable period prescribed in the Treasury Regulations
- generally, 18 months after the later of the date of the expenditure or the date the Project
is placed in service, but in no event later than three years after the date of the expenditure.
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