Legislation Details

File #: 10-0129    Version: 1 Name:
Type: Resolution Status: New Business Item
File created: 7/21/2010 In control: City Council
On agenda: 7/26/2010 Final action: 7/26/2010
Title: Consider a Resolution relating to the Declaration of Intent by the City of Rock Hill, South Carolina to issue certain bonds or other obligations as Recovery Zone Economic Development Bonds pursuant to the authority of Sections 1400U-1 AND 1400U-2 of the Internal Revenue Code of 1986, as amended; authorizing the submission of an application to the South Carolina Budget and Control Board or its designee for the allocation of Recovery Zone Economic Development Bond volume cap to the City; and other matters relating thereto. Strategic Goal: Ensure the Provision of Quality Public Services Strategic Objective: Provide for the orderly development and expansion of facilities and infrastructure.
Attachments: 1. Recovery Zone Resolution-Velodrome.doc

Title

Consider a Resolution relating to the Declaration of Intent by the City of Rock Hill, South Carolina to issue certain bonds or other obligations as Recovery Zone Economic Development Bonds pursuant to the authority of Sections 1400U-1 AND 1400U-2 of the Internal Revenue Code of 1986, as amended; authorizing the submission of an application to the South Carolina Budget and Control Board or its designee for the allocation of Recovery Zone Economic Development Bond volume cap to the City; and other matters relating thereto.

Strategic Goal: Ensure the Provision of Quality Public Services

Strategic Objective: Provide for the orderly development and expansion of facilities and infrastructure.

 

Body

In order for the City to issue Recovery Zone Bonds - the City will have to apply to the Budget and Control Board to provide an allocation for this type debt.  This resolution is required in order for the submittal to go to the Budget & Control Board.  Also included in this resolution is reimbursement resolution language that staff believe will help with the application process.  This application provides for the attachment of "inducement resolution, reimbursement resolution or other documentation of the preliminary approval of the project by the applicant, in conformity with applicable federal and state law".  Staff recommends approval of the resolution.