Title
Incorporated County of Los Alamos Resolution No. 26-02 Declaring the Official Intent of the Incorporated County of Los Alamos, New Mexico to Reimburse Itself from Bond Proceeds for Amounts Advanced to Pay Costs of Construction of Certain Projects of the County; Stating the Maximum Principal Amount of Bonds Expected to be Issued and Estimating the Expenditures to be Reimbursed from Proceeds of the Bonds; and Authorizing Incidental Action
Recommended Action
I move that Council adopt Incorporated County of Los Alamos Resolution No. 26-02, a Resolution Declaring the Official Intent of the Incorporated County of Los Alamos, New Mexico to Reimburse Itself from Bond Proceeds for Amounts Advanced to Pay Costs of Construction of Certain Projects of the County; Stating the Maximum Principal Amount of Bonds Expected to be Issued and Estimating the Expenditures to be Reimbursed from Proceeds of the Bonds; and Authorizing Incidental Action
County Manager's Recommendation
The County Manager recommends that Council adopt Incorporated County of Los Alamos Resolution No. 26-02.
Body
The proposed Resolution No. 26-02 declares the County’s official intent to reimburse itself from future Gross Receipts Tax Revenue Bond proceeds for eligible costs incurred in connection with the Broadband Project, which includes construction of broadband telecommunications facilities and related public infrastructure. The County anticipates issuing up to $40 million in bonds, of which approximately $4 million in capital expenditures may be incurred prior to issuance and reimbursed from bond proceeds. These expenditures will be paid from legally available funds within the Capital Improvements Fund (Fund 311, CP9008). The resolution affirms that reimbursed costs will be limited to allowable capital expenditures under federal tax regulations, and authorizes County officials to take necessary actions to preserve reimbursement eligibility.
Alternatives
Council could choose not to adopt this ...
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