Synopsis of Jan. 10, 2011 meeting
January 19, 2011 - VILLAGE OF LEONARD
At a meeting of the Village of Leonard, Oakland County, Michigan (the "Village") on January 10, 2011 at 7:00 p.m., there were
PRESENT: President McDonald, Mrs. Sutherby, Mrs. Blanka, Mr. Birr, Mr. Almeranti, Mr. Noaker, Mr. Hoffman
The following preamble and resolution was offered by Member Almeranti and seconded by Member Noaker.
WHEREAS, the Village intends to construct improvements to Forest Street (the "Project") and desires to finance a portion of the cost of the Project by issuing bonds;
WHEREAS, the Village intends to finance a portion of the costs of the Project through the issuance of tax-exempt bonds in an approximate amount of not to exceed $150,000 (the "Bonds"); and
WHEREAS, the Village expects to pay certain expenses of the Project prior to the issuance of the Bonds, and to reimburse itself for such expenses from proceeds of the Bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF VILLAGE OF LEONARD as follows:
1. The Village makes the following declarations for the purpose of complying with the reimbursement rules of Treas. Reg. § 1.150-2 pursuant to the Internal Revenue Code of 1986, as amended:
a. The Village reasonably expects to reimburse itself for the expenditures described in (b) below with proceeds of the Bonds.
b. The expenditures are for the purpose of defraying the costs of the Project and paying related bond issuance costs, all described in this resolution.
c. The Bonds will be issued no later than 18 months after the later of (i) the date the first expenditure to be reimbursed was made; or (ii) the date of the Project was placed in service or abandoned, but in no case later than 3 years after the date the first expenditure was made.
d. The expenditures described in (b) above are "capital expenditures" as defined in Treas. Reg. § 1.150-1, which are any costs of a type which are properly chargeable to a capital account (or would be so chargeable with a proper election) under general Federal income tax principles (as determined at the time the expenditures are paid).
2. All resolutions and parts of resolutions insofar as they conflict with the provisions of this resolution are hereby rescinded.
A vote on the foregoing resolution was taken and was as follows:
YES: President McDonald, Mrs. Sutherby, Mr. Birr, Mrs. Blanka, Mr. Noaker, Mr. Hoffman, Mr. Almeranti
The undersigned, being the duly qualified and acting Clerk of the Village, hereby certifies that (1) the foregoing is a true and complete copy of a resolution duly adopted by the Village Council at a meeting of the Village Council, at which meeting a quorum was present and remained throughout, (2) the original thereof is on file in the records in my office; (3) the meeting was conducted, and public notice thereof was given, pursuant to and in full compliance with the Open Meetings Act (Act No. 267, Public Acts of Michigan, 1976, as amended) and (4) minutes of such meeting were kept and will be or have been made available as required thereby.