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RESOLUTION OF THE NEW HAVEN BOARD OF ALDERS OF OFFICIAL INTENT TO REIMBURSE EXPENDITURES FROM THE PROCEEDS OF TAX-EXEMPT OBLIGATIONS IN CONNECTION WITH LITIGATION AGAINST THE CITY OF NEW HAVEN, CONNECTICUT
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WHEREAS, the City of New Haven, Connecticut (the “City”) desires to obtain an appeal bond in connection with litigation in the case of Morant vs. City of New Haven (the “Case”);
WHEREAS, the City may finance any and all costs related to the Case with the proceeds of tax-exempt bonds or other tax-exempt obligations authorized by subsequent ordinance of the Board of Alders (“Tax-Exempt Obligations”) in the approximate amount of $1,000,000; and
WHEREAS, the City may incur expenditures for the Case prior to the issuance of the Tax-Exempt Obligations.
NOW THEREFORE BE IT RESOLVED by the Board of Alders of the City of New Haven, Connecticut that:
Section 1. The City hereby expresses its official intent pursuant to Section 1.150-2 of the Federal Income Tax Regulations, Title 26 (the “Regulations”), to reimburse expenditures paid sixty (60) days prior to and anytime after the date of passage of this Resolution from the net proceeds of the Tax-Exempt Obligations. The Tax-Exempt Obligations shall be issued to reimburse such expenditures not later than 18 months after the later of the date of the expenditure or the substantial completion of the Case, or such later date as the Regulations may authorize. The City hereby certifies that its intention to reimburse as expressed herein is based upon its reasonable expectations as of this date. The Controller or his designee is authorized to pay said costs in accordance herewith pending the issuance of the Tax-Exempt Obligations. This Resolution is adopted solely for purposes of compliance with the Regulations and may not be used or relied on for any other purpose.
Section 2. This Resolution shall take effect immediately upon passage.