Revitalization Commission Resolution 25-01

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LOUISVILLE REVITALIZATION COMMISSION RESOLUTION NO. 25-01 A RESOLUTION OF LOUISVILLE REVITALIATION COMMISSION (LRC) FOR EXPRESSING THE INTENT OF THE LRC TO BE REIMBURSED FOR CERTAIN EXPENSES RELATING TO THE CONSTRUCTION OF CAPITAL IMPROVEMENTS. WHEREAS, the Louisville Revitalization Commission (the "Issuer") is an independent body corporate and politic, validly existing and duly organized, created and established under the laws of the State of Colorado (the "State"); and WHEREAS, the members of the Board of Commissioners of the Issuer (the "Board") have been duly appointed and qualified; and WHEREAS, it is the current intent of Issuer to construct certain capital improvements of the Issuer (the "Project"); and WHEREAS, the Issuer has determined that it is in the best interest of the Issuer to finance the Project through the issuance of tax increment bonds of the Issuer or by any other means legally available to the Issuer; and WHEREAS, the Board has determined that it is necessary to make capital expenditures to acquire and construct the Project prior to the time that the Issuer arranges for the specific financing of such Project; and WHEREAS, it is the Issuer's reasonable expectation that when such financing occurs, the capital expenditures will be reimbursed with the proceeds of the financing; and WHEREAS, in order to comply with the provisions of the Internal Revenue Code of 1986, as amended (the "Code"), it is the Issuer's desire that this resolution shall constitute the "official intent" of the Board to reimburse such capital expenditures within the meaning of Treasury Regulation §1.150-2. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE LOUISVILLE REVITALIZATION COMMISSION THAT: Section 1. All action (not inconsistent with the provisions of this resolution) heretofore taken by the Board and the officers, employees and agents of the Issuer directed toward the Bonds is hereby ratified, approved and confirmed. Section 2. The Issuer intends to finance approximately $10,000,000 to pay the costs of the Project, including the reimbursement of certain costs incurred by the Issuer prior to the receipt of any proceeds of a financing, upon terms acceptable to the Issuer, as authorized in a resolution to be hereafter adopted and to take all further action which is necessary or desirable in connection therewith.