A Resolution Authorizing THE REIMBURSEMENT OF ORIGINAL EXPENDITURES FOR THE TRADE CENTER AND LIBRARY
PROJECTS IN THE MAXIMUM PRINCIPAL AMOUNT OF $10,000,000 FROM THE SALE OF
GENERAL OBLIGATION SALES TAX BONDS, SERIES 2003, AND TO DECLARE OFFICIAL INTENT
TO ISSUE THE SERIES 2003 BONDS. whereas, Columbus, Georgia, a consolidated city-county government (?Columbus?) has duly
imposed a special one percent sales and use tax (?Special Sales Tax?), which
began to be collected on July 1, 2000, as authorized by Article III of Chapter
8 of Title 48 of Official Code of Georgia Annotated, and an election duly held
in Columbus on November 2, 1999 (the ?Election?), at which a majority of the
voters of Muscogee County voting in the Election approved the imposition of the
Special Sales Tax for the raising of (a) not more than $40,000,000 for road,
street, and bridge purposes and (b) not more than $165,059,360 to finance, in
part, the cost of acquiring, constructing, and equipping various capital outlay
projects to be used for (i) public safety, (ii) economic development, (iii)
recreation, (iv) transportation, (v) a governmental service center, (vi)
stormwater drainage improvements and flood abatement, and (vii) governmental,
proprietary, and administrative purposes, and (c) not more than $50,381,962 to
pay the costs of a county library; and
whereas, approval of the Special Sales Tax at the Election also constituted approval of
the issuance of general obligation debt of Columbus in an amount not to exceed
$76,525,000 for the purposes approved, other than road, street, and bridge
purposes; and
WHEREAS, on December 7, 1999, the Council of Columbus, Georgia (the ?Council?)
adopted a Master Bond Resolution, Resolution No. 573-99 (the ?Master
Resolution?), authorizing the issuance of up to $76,525,000 in aggregate
principal amount of general obligation sales tax bonds in one or more series,
as authorized by the results of the Election; and
WHEREAS, on December 7, 1999, the Council adopted a Supplemental Resolution,
Resolution No. 574-99, authorizing the issuance of $38,360,000 in aggregate
principal amount of general obligation sales tax bonds, as the first series of
bonds authorized by the Master Resolution, and did issue $38,330,000 of said
authorized bonds to provide funds to be used primarily for the acquisition,
construction, and equipping of the Governmental, Proprietary, and
Administrative Projects (as defined in the Master Resolution), and site
acquisition for the Library Project (as defined in the Master Resolution), and
to provide a portion of the funds for other capital outlay projects approved
by the voters in the Election; and
WHEREAS, Columbus anticipates that it will issue in 2003 general obligation
sales tax bonds (the ?Series 2003 Bonds?), which shall be second in the series
of bonds authorized by the Master Resolution, said Series 2003 Bonds to
finance, in part, (i) renovations and expansion at the Columbus Ironworks
Convention and Trade Center (the ?Trade Center?), one or more of the Economic
Development Projects (as defined in the Master Resolution), and (ii) the
acquisition, construction, and equipping of the Library Project; and
WHEREAS, Columbus has expended proceeds of the Special Sales Tax on the Trade
Center and reasonably expects to expend additional proceeds of the Special
Sales Tax or general funds on both the Trade Center and the Library Project
and wishes to be reimbursed for such expenditures from proceeds of the sale of
the Series 2003 Bonds; and
WHEREAS, the reimbursement of such expenditures from proceeds of the sale of
the Series 2003 Bonds will enable Columbus to apply Special Sales Tax proceeds
to other capital outlay projects approved at the Election so that such
projects can be completed as soon as possible; and
WHEREAS, it is proper that Columbus adopt this resolution for the purpose of
declaring its official intent to issue the Series 2003 Bonds and to reimburse
the above described expenditures of Columbus on the Trade Center and the
Library Project from proceeds from the sale of the Series 2003 Bonds.
1. (a) The Council reasonably expects that, prior to issuance of the Series 2003 Bonds, it will be necessary to expend proceeds of the Special Sales Tax or general funds on the Trade Center and the Library Project and wishes to be reimbursed for such expenditures from proceeds from the sale of the Series 2003 Bonds. Therefore, the Council hereby declares its official intent to issue the Series 2003 Bonds in the principal amount not to exceed $32,000,000 and to reimburse original expenditures on the Trade Center and the Library Project in the maximum principal amount of $10,000,000 with proceeds from the sale of the Series 2003 Bonds (to the extent permitted by Section 1.150-2 of the Treasury Regulations).
(b) Columbus shall make its reimbursement allocations not later than 18 months after the later of (i) the date the original expenditure is paid or (ii) the date the capital outlay projects are placed in service or abandoned, but in no event more than three years after the original expenditure is paid.
2. The Mayor, City Manager, Clerk of Council, Finance Director, and other proper officers, agents, and attorneys for Columbus are hereby authorized to take any and all further action as may be necessary to proceed with the issuance and delivery of the Series 2003 Bonds, and to effect the undertakings for which the Series 2003 Bonds are to be issued.
Introduced at a regular meeting of the Council of Columbus, Georgia, held the 17th day of September, 2002 and adopted at said meeting by the affirmative vote of members of said Council.
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