2023-2148 RESOLUTION NO. 2023-2148
A resolution declaring official intent to reimburse expenditures from proceeds of borrowing
WHEREAS,City of Janesville,Rock County,Wisconsin(the"Municipality")plans to undertake
the(the "Project"), and
WHEREAS, the Municipality expects to finance the Project on a long-term basis by the State of
Wisconsin issuing tax-exempt bonds or promissory notes (the "Bonds"); and
WHEREAS,because the Bonds will not be issued prior to Jan. 1 of 2024,the Municipality must
provide interim financing to cover costs of the Project incurred prior to receipt of the proceeds of the
Bonds; and
WHEREAS, it is necessary, desirable, and in the best interests of the Municipality to advance
moneys from its funds on hand on an interim basis to pay the costs of the Project until the Bonds are
issued.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the Municipality,that:
Section 1. Expenditure of Funds. The Municipality shall make expenditures as needed from its
funds on hand to pay the costs of the Project until Bond proceeds become available.
Section 2. Declaration of Official Intent. The Municipality hereby officially declares its intent
under Treas. Regs. Section 1.150-2 to reimburse said expenditures with proceeds of the Bonds, the
principal amount of which is not expected to exceed$ 1,100,000.
Section 3.Unavailability of Long-Term Funds.No funds for payment of the Project from sources
other than the Bonds are, or are reasonably expected to be, reserved, allocated on a long-term basis, or
otherwise set aside by the Municipality pursuant to its budget or financial policies.
Section 4. Public Availability of Official Intent Resolution. This Resolution shall be made
available for public inspection at the City Manager's office within 30 days after its approval in
compliance with applicable State law governing the availability of records of official acts including
Subchapter II of Chapter 19, and shall remain available for public inspection until the Bonds are issued.
Section 5. Effective Date. This Resolution shall be effective upon its adoption and approval
ADOPTED: July 10, 2023 Motion by: Consent
Second by: Consent
APPROV D: Councilmember Aye Nay Pass Absent
Z 4( &- —.------ Benson X
G Burdick X
Kevin M. Lahner, City Manager Jackson X
Marshick X
ATTEST: Miller X
A Lt6-- Neeno X
Williams X
Lorena Rae Stottler, City Clerk-Treasurer
APPROVED AS TO FORM:
‘C/&h(W
Wald Klimczyk, City Attorney
Proposed by: David Botts, Utility Director
Prepared by: David Botts, Utility Director