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
This item is drafted by our Bond Counsel and provides the legally required declaration of intent for the City to reimburse certain expenditures that will be funded by our FY 2012 Equipment Lease Purchase Agreement project. We anticipate closing on that project during Q4, 2011. The attached resolution allows for the procurement of some of that equipment prior to the closing to leverage certain market conditions and to meet needs within our Departments.