Title
Entering into a Reimbursment Resolution for CONXX
Body
BE IT RESOLVED, that the Board of Commissioners of Lackawanna County does hereby enter into a Reimbursment Resolution for CONXX,
WHEREAS, the County of Lackawanna, Pennsylvania (the "County"), a county organized under the laws of the Commonwealth of Pennsylvania, intends to finance with the proceeds of a tax-exempt borrowing (the "Debt"), a project (the "Project"), consisting of funding all or any of the following: (1) design, acquisition, construction, rehabilitation, improvement, installation, furnishing and equipping of capital projects within the County, including but not limited to, information technology improvements and enhancements within the County; (2) purchase of capital equipment for use by the County; (3) design, acquisition, construction, renovation, improvement, and installation, furnishing and equipping of other capital projects of the County as approved by the Board of County Commissioners of the County (the "Board"); and (4) funding contingencies and paying the costs and expenses of issuance of the Debt; and
WHEREAS, design, acquisition, engineering and construction of the Project may commence prior to the issuance of the Debt and the County desires to pay for certain of the costs of the Project (the "Expenditures") from general funds of the County which do not constitute proceeds of tax-exempt obligations; and
WHEREAS, the County has determined that the funds that have been or are to be advanced to pay Expenditures are or will be available only for a temporary period and it is necessary to reimburse the County for Expenditures with respect to the Project from the proceeds of a tax-exempt borrowing represented by the Debt; and
WHEREAS, as of the date hereof, there are no funds from sources other than the Debt that are, or are reasonably expected to be, reserved, allocated on a long-term basis, or otherwise set aside by the County or any member of the same controlled gro...
Click here for full text