(a) Definitions. The following definitions apply to the terms used herein:
(1) "Allocation" means written evidence that proceeds of obligations issued subsequent to the payment of a capital expenditure are to reimburse the issuer for such payments. "To allocate" means to make such an allocation.
(2) "Authorized Officer" means the City Manager of the issuer and any person with authority at the time to exercise functions of such office.
(3) "Capital Expenditure" means any expense for an item that is properly depreciable or amortizable or is otherwise treated as a capital expenditure for purposes of the Code, as well as any costs of issuing reimbursement bonds.
(4) "Declaration of Official Intent" means a written declaration that the issuer intends to fund capital expenditures with an issue of reimbursement bonds and reasonably expects to be reimbursed from the proceeds of such an issue.
(5) "Reimbursement" means the restoration to the issuer of money temporarily advanced from other funds, including moneys borrowed from other sources, of the issuer to pay for capital expenditures before the issuance of obligations intended to fund such capital expenditures. "To reimburse" means to make such a restoration.
(6) "Reimbursement Bonds" means obligations that are issued to reimburse the issuer for capital expenditures, and for certain other expenses permitted by the reimbursement regulations, previously paid by or for the issuer.
(7) "Reimbursement Regulations" means Treasury Regulation § 150-2 and any amendments thereto or superseding regulations, whether in proposed, temporary or final form, as applicable, prescribing conditions under which the proceeds of obligations may be allocated to reimburse the issuer for capital expenditures and certain other expenses paid prior to the issuance of the obligations, such that the proceeds of such obligations will be treated as "spent" for purposes of Sections 103 and 141 to 150 of the Internal Revenue Code.
(b) Authorization to Make Declarations of Official Intent and Allocations. Each authorized officer is hereby authorized to make declarations of official intent, which satisfy the reimbursement regulations, on behalf of the issuer, with respect to capital expenditures to be paid from moneys temporarily available that are reasonably expected to be reimbursed (in accordance with applicable authorizations, policies and practices) from the proceeds of reimbursement bonds and to make timely allocations, which satisfy the reimbursement regulations, of the proceeds of such reimbursement bonds to reimburse prior capital expenditures, and to take or cause to be taken any other actions that may be appropriate to satisfy the requirements of the reimbursement regulations, or any other Treasury Regulations, so that proceeds used for reimbursement will be treated as "spent" on the prior capital expenditures for purposes of Sections 103 and 141 to 150 of the Internal Revenue Code. All declarations of official intent and allocations heretofore made on behalf of the issuer are hereby ratified and adopted.
(Ord. 20-2003. Passed 5-15-03.)