2020-12-03 Resolution of Official Intent to Reimburse Expenditures with Proceeds of a Borrowing PITTSYLVANIA COUNTY BOARD OF SUPERVISORS
RESOLUTION # 2020-12-03
A RESOLUTION OF OFFICIAL INTENT TO REIMBURSE
EXPENDITURES WITH PROCEEDS OF A BORROWING
WHEREAS, the County of Pittsylvania, Virginia (the "County"), intends to acquire,
construct, equip and develop capital improvements for its solid waste system (collectively, the
"Project"); and
WHEREAS,plans for the Project have advanced,and the County expects to advance funds
to pay expenditures related to the Project(the"Expenditures")prior to incurring indebtedness and
to receive reimbursement for such Expenditures from proceeds of tax-exempt obligations or
taxable obligations, or both;
BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF PITTSYLVANIA
COUNTY,VIRGINIA:
1. The County intends to utilize the proceeds of tax-exempt obligations or taxable
obligations (the"Obligations") in an amount not currently expected to exceed$12,000,000 to pay
or reimburse the costs of the Project.
2. The County intends that the proceeds of the Obligations be used to reimburse the
County for Expenditures made with respect to the Project on or after the date that is no more than
60 days prior to the date of this resolution. The County reasonably expects on the date hereof that
it will reimburse the Expenditures with the proceeds of the Obligations.
3. Each Expenditure was or will be,unless otherwise approved by bond counsel,either
(a) 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 Obligations, (c) a nonrecurring item that is not customarily payable from current revenues or
(d) a grant to a party that is not related to or an agent of the County so long as such grant does not
impose any obligation or condition(directly or indirectly)to repay any amount to or for the benefit
of the County.
4. The County intends to make a reimbursement allocation, which is a written
allocation by the County that evidences the County's use of proceeds of the Obligations to
reimburse an Expenditure, no later than 18 months after the later of the date 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. The County recognizes that exceptions
are available for certain"preliminary expenditures,"costs of issuance,certain de minimis amounts,
expenditures by "small issuers" (based on the year of issuance and not the year of expenditure)
and expenditures for certain construction projects of at least five years.
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5. The County intends that the adoption of this resolution confirms the"official intent"
within the meaning of Treasury Regulations Section 1.150-2 promulgated under the Internal
Revenue Code of 1986, as amended.
6. This Resolution shall take effect immediately upon its passage.
Given under my hand this 15th day of December, 2020.
//i-
Ro ert ("Bob") W. Warren, Chairman
Pittsylvania County Board of Supervisors
ATTES •
id . S ithe an, Clerk = `
Pittsylvania County Board of Superviso s
036841 0000014 EMF US 83155606v1