Laserfiche WebLink
99 <br /> <br />A RESOLUTION PROVIDING FOR COMPLIANCE WITH REIMBURSEMENT <br />REGULATIONS. <br /> <br /> WHEREAS, the Department of Treasury of the United States <br />has issued final regulations under Section 103 of the Internal <br />Revenue Code of 1986, as amended, to clarify when the <br />allocation of bond proceeds no reimburse expenditures <br />previously made by an issuer of tax-exempt bonds is treated as <br />an expenditure of the bond proceeds; and <br /> <br /> WHEREAS, the regulations apply to bonds issued after <br />March 2, 1992, ~o reimburse expenditures paid before and after <br />such date; and' <br /> <br /> WHEREAS, the City Council of nhe City of Portsmouth, <br />Virginia (the "City"), deems it advisable and in the best <br />interesns of the City to provide for the treatment of <br />reimbursements made from proceeds of tax-exempt debt as an <br />expenditure of proceeds thereof; <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of the <br />City of Portsmouth, Virginia: <br /> <br /> 1. The City Manager or the Director of Finance of the <br />City is hereby authorized to make such declarations, maintain <br />such books and records, make such entries in such books and <br />records, make such certifications, and take such other action, <br />as may be necessary or advisable to comply with the <br />regulations referred to in the preambles hereto, as the same <br />may be amended, supplemented or superseded, in order that <br />reimbursement from proceeds of debt hereafter issued by the <br />City may be treated as expenditures thereof. <br /> <br />2. This resolution shall take effect upon its adoption. <br /> <br /> Adopted by the City Council of the City of Portsmouth, <br />Virginia, at a meeting held November 10, 1992. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />