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RESOLUTION NO. 2003 -04 A RESOLUTION OF THE CITY OF MOSCOW, LATAH COUNTY, II>AHO, SETTING FORTH ITS OFFICIAL INTENTION TO CONSTRUCT CERTAIN CAPITAL IMPROVEMENTS FOR RECREATION PURPOSES WITHIN THE BOUNDARIES OF THE CITY; AUTHORIZING THE ISSUANCE OF TAX EXEMPT BONDS FOR PROJECT FINANCING; AUTHORIZING APPROPRIATE OFFICIALS TO ENTER INTO AGREEMENTS AND CONTRACTS REGARDING THE PROJECT; AND PROVIDING FOR OTHER MATTERS PROPERLY RELATING THERETO CITY OF MOSCOW Latah County, Idaho BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MOSCOW. of Latah County, Idaho, as follows: WHEREAS, the City of Moscow, of Latah County, Idaho (hereinafter the "City), is a duly organized and existing municipal corporation under and by virtue of the Constitution and laws of the State of Idaho; and WHEREAS, the City is planning to issue tax exempt financing within the next twelve months to provide funds for the construction of a capital facility for recreation purposes within the City (the "Project"), and to commence work on the Project within the same timerrame and pay the costs of the Project with tax exempt financing; and WHEREAS, the City has already incurred some expenses for engineering and architecture work associated with the Project (now known as the Hamilton Indoor Recreational Center), and within the last sixty (60) days acquired real property for the Project, which expenses it wishes to recapture. WHEREAS, the City Council of the City, (the "City Council"), has determined it is in the best interests of the City to pay preliminary costs now and repay these costs with the proceeds of financing; and WHEREAS, the City desires to declare its official intent to construct and install, if !unds are available, the Project; NOW, THEREFORE, BE IT FURTHER RESOLVED by the City Council of the City of Moscow, Latah County, Idaho, as follows: Section I: The City reasonably expects to reimburse the expenditures described herein with the proceeds of the debt to be incurred by the City (the "Reimbursement Bonds"). Section 2: The expenditures with respect to which the City reasonably expects to be reimbursed trom the proceeds of the Reimbursement Bonds are for the Project. Section 3: The maximum principal amount of debt obligations expected to be issued for the Project referenced m Section 2 is $3,250,000, and the appropriate otlicers of the City are hereby authorized to commence planning for the Project. - I - ---PAGE BREAK--- Section 4: The appropriate officials of the City are authorized to arrange for and enter into an interfund loan, if necessary and appropriate to finance a portion of the cost of the project. Section 5: l fan interfund loan or other source of City funds is arranged to pay for a portion of the costs of the Project, the City Council hereby authorizes repayment of any interfund loan with proceeds of the Reimbursement Bonds. Section 6: The City Council hereby ratilies all acts previously taken by officials of the City that are not inconsistent with this Resolution. Section 7: This Resolution shall become e!Tective immediately upon its passage. DATED this day of April, 2003. Christine Bainbridge, City Clerk If J ( SEAL) - 2 -