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Res 1803 - Reimburse Expenditure COUNCIL BILL NO. 2584 RESOLUTION NO. 1803 A RESOLUTION DECLARING THE CITY'S INTENT TO REIMBURSE EXPENDITURES FOR LOCAL IMPROVEMENT PROJECTS WITH THE PROCEEDS OF FUTURE ISSUES OF BONDS OR OBLIGATIONS WHEREAS, the City of Woodburn, in Marion County, Oregon (the "City") is authorized by Oregon Revised Statutes Sections 223.205 to 223.295, and City Ordinance No. 2105 (collectively, the "LID Act"), to construct publicly owned and operated local improvements which specially benefit properties and to assess the specially benefited property for the costs of local improvements; and WHEREAS, the LID Act provides that the City may cause a local improvement to be constructed, and the City may cause such construction to occur with the use of its own funds, with the proceeds of interim financing, or preliminarily with the use of its own funds that will subsequently be financed through interim financing; and WHEREAS, the LID Act provides that the City may determine the final assessments for the local improvement against the property benefited thereby or liable therefore, according to the LID Act; and WHEREAS, the LID Act provides that the owner of any property to be assessed shall have the right to make application to the City for payment of the final assessment in installments; and WHEREAS, the LID Act provides that the City may issue bonds in the amount of the unpaid balance of all final assessments, plus amounts necessary to fund any debt service reserve and to pay any other financing costs associated with the bonds, in order to finance the installment payments and reimburse the City for costs of the local improvements; NOW, THEREFORE, THE CITY OF WOODBURN RESOLVES AS FOLLOWS: Section 1. The City from time to time will undertake the construction of local improvements pursuant to the LID Act and at such time will reasonably expect to issue interim or long-term financing (the "LID Obligations") to reimburse the City for expenditures to construct those local improvement projects (the "LID Projects"). Page 1 - COUNCIL BILL NO. 2584 RESOLUTION NO. 1803 Section 2. To permit interest on the LID Obligations to be excludable from gross income, the Internal Revenue Code of the United states requires that the City declare its intent to reimburse from LID Obligations proceeds within 60 days after the expenditure it made. Section 3. The principal amount of such LID Obligations will not exceed the amount which the City reasonably expects to spend on LID Projects which it has properly initiated under the LID Act. Section 4. The City hereby declares its intention to reimburse itself from proceeds of LID Obligations for all expenditures it makes on Local Improvement Projects, in amounts that do not exceed the amounts described in Section 3 of this resolution. Approved as to form: 07.~~ City Attorney ~ Lf ZooS Approve Passed by the Council Submitted to the Mayor Approved by the Mayor August 8. 2G05 August 10, 2005 August 10, 2005 Filed in the Office of the Recorder August 10, 2005 ATTEST: ~4 ~ =+- Mary T nant City Recorder City of Woodburn, Oregon Page 1 - COUNCIL BILL NO. 2584 RESOLUTION NO. 1803