09-09-1991 Council Packet - Laserfiche WebLink

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Tlw IRS to prapotino imm ragutotiont to bo offecllvo as of September 7,1991. The regulations will require lour ganoral opening nqummontt be met before a reimbursement will be allowed to be i i«de from bond proceeds. 1. The toauer muel declare Ns Interrt to reimburse the proposed expenditures from tax-exempt proceeds (oflldal bitonl period); 2. The MarN must be declared during the two-year period ending on the date the expenditure Is paid (oMetol Mari period requirament): W- 3* Tha nbnburaemant of tie expenditure (issue of debt) must be made no later than one year after the tie expendNure was paid or one year after the property was placed in service, whichever Is later l);and 'i-i 4. The robnburoad expenditure must be for property having a reasonable expected economic life of at toast one yetr (economic Me requirartMnO. SCrv & 1. 1 J 0It Si tie procadurai requiraniart can be satisfied by a resolution from the public agency. The resolution muMiiiguMMy daaorMe tie properly or prOect and Identify tie reasonably expected source of funds tiat wM be UMitipaytieralmbMmamanUspemMuie end tie reimbursement bonds. These IRS reotrtctlons wM Inyeae oonManaanbonoeNngbanaeotonatiai have been very routine for many Issuers. Consult your financial advisor 3 btotd M a paaaMMy tial lax-ONompI debt wM be issued for any expenditure prior to the undertaking of any pitiMl V a lamporary bank lotoihaabaenseourad prior to undertaking the protect, ttienttiese restrictions w« of tie dabt to viewed as a refunding. I you bMa any quaaaons aboid pyrarM bonds and/or the proposed reimbursement regutations, feel free to cal any of tta BURSANOA ATES.INC. 0 i'b-' K ■ . . e X QteiMfi F V StauanF. Apf^m Praoldani ‘. jt wft- ‘"i k p ■ ¥P- f-ry. j •■I■si- ■t ■k 4 n ■m 4