(a) Definitions. As used in this section:
(1) "Authorized officer" means the Director of Finance or any person designated by the City Manager to perform the duties of the Director of Finance.
(2) "Bonds" means and includes bonds, notes, certificates and other obligations included in the meaning of "bonds" under Section 150 of the Internal Revenue Code of 1986.
(3) "Declaration of official intent" means a declaration of intent, in the manner contemplated in the Reimbursement Regulations, that expenditures are reasonably expected to be reimbursed from the proceeds of reimbursement bonds to be issued after the expenditure is paid.
(4) "Public record" is as defined in Ohio R.C. 149.43.
(5) "Reimbursement" or "reimburse" means the restoration to the issuer or conduit borrower of money temporarily advanced from its other funds and spent for capital expenditures, including any issuance costs, before the issuance of the reimbursement bonds. "Reimbursement" or "reimburse" does not include the refunding or retiring of bonds previously issued and sold to, or borrowings from, unrelated entities (e.g. entities not in the same "controlled group," as defined in the Reimbursement Regulations).
(6) "Reimbursement bonds" means any issue of bonds, all or part of the proceeds of which are to be used for reimbursement of capital expenditures paid before issuance of the bonds.
(7) "Reimbursement Regulations" means Treasury Regulations Section 1.103-18 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 "spent" for all or any purposes of Sections 103 and 141 to 150 of the Internal Revenue Code of 1986.
(b) Declarations of Official Intent. Each authorized officer is authorized to prepare, sign and include in the public records, declarations of official intent with respect to capital expenditures (including any costs related to the issuance of the reimbursement bonds) to be made from money temporarily available, and which expenditures are reasonably expected to be reimbursed (in accordance with applicable authorizations, policies and practices) from the proceeds of reimbursement bonds; to make appropriate reimbursement and timely allocations from the proceeds of the reimbursement bonds to reimburse such prior capital expenditures; and to take any other actions as may be appropriate, all at the times and in the manner required under the Reimbursement Regulations, to satisfy the requirements for proceeds used for reimbursement to be treated as "spent" for purposes of Sections 103 and 141 to 150 of the Internal Revenue Code of 1986.
(c) Public Inspection. Each declaration of official intent shall be filed in the office of the Clerk of Council, treated as a public record and made available for reasonable public inspection not later than thirty days after the date of the Declaration of Official Intent, continuously during normal business hours on every business day to, and including, the date of issuance of the reimbursement bonds.
(Ord. 4184. Passed 3-16-92.)