HomeMy WebLinkAboutURA RES 2009-01 RE L 1ION .2 -1
RESOLUTION of THE URBAN
FILING� W AGENCY OF
�-+ T 1-+ CITY OF
C LD W LL, IDAHO THORIZI 1 H PETITION 1 ION IN HE THl[RD
JUDICIAL DISTRICT ICT CO RT SEEDING JUDICIAL CO I MATION FOR THE ISSUANCE
F E,VENUE U LL A ION (TAX INCREMENT) B To FINANCE CERTAIN
EDUCATIONAL FACILITIES IMPROVEMENTS; DECLARING O IC AL INTENT To
REIMBURSE AGPI xP 1 ITURES FOR THE PROJECT FROM TAX EXEMPT
OBLIGATIONS; AND PROVIDING FOR THIS RESOLUTION T EFFECTIVE UPON ITS
PASSAGE AND APPROVAL.
WHEREAS, this Resolution is made on the 18th day of December, 2008 by the Urban Renewal
Agency of the City of Caldwell, Idaho an independent public body corporate and politic, authorized by
the Idaho Urban Renewal Agency Law of 1965, as amended, Chapter 20, Title 50, Idaho Code, a duly
created and functioning Urban Renewal Agency for Caldwell, Idaho (the "'City"), hereinafter referred to
as the"Agency"; and
WI REAS, there was prepared the Caldwell East Urban Renewal Platy for the Caldwell East
Urban Renewal Area (the "Plan") which the Caldwell City Council adopted and approved in accordance
with Idaho law by enactment of Ordinance Igo. 2260 on December 21, 1998 and subsequently amended in
2003 and 2005; and
V�HEREA. , the Plan includes an urban rene vai project for the improvements for educational
facilities; and
WHEREAS, the Agency now desires to undertake e the financing construction of certain
educational facilities; and
WHEREAS, the Agency possesses revenue allocation financing powers pursuant to Chapter 29,
Title 50,Idaho Code including the power to issue revenue allocation(tax increment) bonds the"Bonds"
to finance urban renewal projects including the educational facilities; and
WHEREAS, on the 9th day of November, 2008, notice of a public hearing before the Agency
concerting adoption of this Resolution was published to the Idaho r rihi ? , a newspaper of general
circulation in the City,and thereafter on the 2nd day of December, 2008 said bearing was held pursuant to
the published notice all in accordance with Idaho `ode § 7-1304(3);and
V[HEREAS, the Agency is authorized pursuant to Idaho Code § 7-1304(l) to file or cause to be
filed a petition in the Third Judicial District Court, Canyon County, Idaho praying a judicial examination
and determination of the validity of any bond or obligation or of any agreement or security instrument
related thereto; and
V11 REAS, the Agency seeps to declare its official intent under applicable Internal Revenue
Service requirements to reimburse from proceeds of the Bonds expenditures by the Agency or the City
made from its general Rind or other funds.
NOW,?THEREFORE, BE IT RESOLVED B THE BOARD F COMMISSIONERS P THE
I
URB RENAL AGENCY F THE CITY OF CAL DWELL, Imo/■
RESOLUTION NO. 07-8-1 -PAGE I
i A [ aldwelMbanl olle a Facil it ics Resolution initial FinaWo
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Section 1: The Agency hereby authorizes the filing of a petition in the Third Judicial
District Court, Canyon County,Idaho seeking j u di lal confirmation for the issuance of revenue allocation
(tax increment) bonds,to finance educational facilities(the"Project'').
Section : That this Resolution constitutes the necessary action of the Agency prior to filing
of said petition pursuant to h `ode -1304(3).
Section 4: The Agency expects to expend for costs of the Project and intends to be
reimbursed from the Bonds for any expenditure "Expenditure" made on or after a date not rrrere than
days prior to the date hereof. Further, that each Expenditure was and will be either of a type properly
chargeable to a capital account under general federal income tax principles (determined in each case as of
the date of the Expenditure), b a cost of issuance with respect to the Bonds or c a nonrecurring item
that is net customarily parable from current revenues. Further,that the maximum principal amount of the
Bonds to be issued for the Project is $8,500,000 and the Agency reasonably expects on the date hereof
that it will reimburse the Expenditures with all or a portion o f the proceeds of the Bonds. Further, that
the Agency will beep bets and records of all expenditures and Will male a refinbursement allocation,
which is a written allocation that evidences the Agency's use of proceeds of the Bonds to be a
reimbursement of Expenditures no later than 18 months after the later of the elate on which the
Expenditure is paid or the Project is placed in service or abandoned, but in no event more than three years
after the date on which the Expenditure is paid. Finally,that this resolution evidences the Agency's intent
and reasonable expectation under Treas. Reg. Section 1.150-2 d1 to use the proceeds of the
Obligations to pay the costs of the Project and to reimburse the Agency for expenditures for the costs of
the Project paid prior to the issuance of the Bonds to the extent permitted by federal tax regulations.
Section : The Chairman, and the ecretar of the Agency, as well as counsel, are hereby
authorized and directed to tape all steps necessary and convenient to facilitate filing of said petition and
secure judicial confirmation of the validity of said Bonds and to carry out the official intent to issue the
Bonds and to reimburse expenditures of Agency funds from the proceeds of such Bonds.
Section 6: That this Resolution shall be in full force and effect immediately upon its
adoption and approval.
ADOPTED AND APPROVED THIS 1 8th day of December 2008.
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RESOLUTION NO. 07-8-1 - PAGE 2
RAS/Caldwe]Wrban/College Facilities Resolution initial Final.doc