Title
Consider a Resolution relating to the Declaration of Intent by the City of Rock Hill, South Carolina, to reimburse certain expenditures prior to the execution and delivery of a federally tax-exempt lease purchase agreement by the City.
Body
The City expects to incur certain expenses related to a 2009-2010 lease-purchase financing project prior to the closing of the financing. These purchases will be reimbursed with the proceeds from a subsequent lease-purchase agreement. In order for current expenses to be reimbursable from the future lease-purchase proceeds, Federal law requires that the City Council officially declare its intent to seek these reimbursements. This resolution declares such intent and will enable the City to obtain the reimbursements.