Prior to the issuance of any obligations, the City may use moneys in its general fund or other available funds to pay architectural, engineering, survey, consulting and legal costs in connection with the planning, organization and development of Brook Park Public Power, and to pay any costs of acquiring, constructing, equipping and operating Brook Park Public Power. To the extent that any such expenditures may be properly financed with the proceeds of general obligations or revenue obligations of the City under Ohio law, the City intends to reimburse itself for such expenditures with a portion of the proceeds of notes, bonds or other tax-exempt obligations of the City. Council intends that this chapter shall constitute the declaration of official intent of the City under Treas. Reg. Section 1.103-18, promulgated pursuant to the Internal Revenue Code of 1986, as amended.
(Ord. 7711-1992. Passed 4-21-92.)