Title
Vote on a request to adopt a Resolution declaring an Intent to Reimburse on the New High School, Elementary School, and Health Sciences Building Projects
Abstract
Action Requested: Adoption of a resolution declaring the County’s official intent to reimburse itself for expenditures incurred in connection with the New High School, Elementary School, and Health Sciences Building Projects
Discussion & Analysis: In order to reimburse itself for expenditures incurred prior to the actual borrowing for a project, Section 1.150-2 of the Treasury Regulations promulgated under Section 103 of the Internal Revenue Code of 1986, requires the County to pass a resolution declaring its intent to reimburse itself for those expenditures. The County will be incurring expenditures related to these projects prior to the borrowing of funds for the projects.
Budgetary Impact: None
Recommendation: Adoption of a resolution declaring the County’s official intent to reimburse itself for expenditures incurred in connection with the New High School, Elementary School, and Health Sciences Building Projects