(A) Definitions. For the purpose of this section, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
AUTHORIZED OFFICER. The Mayor or the Director of Finance of the issuer.
BONDS. Bonds, notes, certificates and other obligations included in the meaning of “bonds” under I.R.C. § 150, as amended.
DECLARATION OF OFFICIAL INTENT. A declaration of intent, in the form, manner and time contemplated in the reimbursement regulations, that the advances for expenditures referred to therein are reasonably expected to be reimbursed from the proceeds of reimbursement bonds to be issued after those expenditures are paid.
REIMBURSEMENT BONDS. Bonds the proceeds of which are to be used for reimbursement of such capital or other qualifying expenditures paid before issuance of the bonds.
REIMBURSEMENT REGULATIONS. Treasury Regulations § 1.150-2 and any amendments thereto or superseding regulations, whether in proposed, temporary or final form, as, at the time applicable, prescribing conditions under which the proceeds of reimbursement bonds, when allocated or applied to a reimbursement, will be treated as expended for all or any purposes of I.R.C. §§ 103 and 141 to 150, as amended.
(B) Authorization and requirement of a declaration of official intent. Each authorized officer is hereby authorized to prepare and sign a declaration of official intent, with respect to capital and other expenditures (and including any costs of issuance of the reimbursement bonds to be made from money temporarily available and which are reasonably expected to be reimbursed in accordance with applicable authorizations, policies and practices) from the proceeds of reimbursement bonds, to make the appropriate reimbursement and timely allocations from the proceeds of the reimbursement bonds to reimburse such prior expenditures, and to take any other actions as may be appropriate, all at the times and in the manner prescribed in the reimbursement regulations, to satisfy the requirements for the reimbursement to be treated as an expenditure of such proceeds for purposes of I.R.C. §§ 103 and 141 to 150, as amended. No advance from any fund or account or order for payment shall be made for expenditures (other than expenditures excepted from such requirement under the reimbursement regulations) that are to be reimbursed subsequently from proceeds of reimbursement bonds, unless a declaration of official intent with respect thereto is made within the time required by the reimbursement regulations.
(Prior Code, § 234.04) (Ord. 23-1995, passed 2-27-1995)