RESOLUTION OF EVANS CITY WATER
AND SEWER AUTHORITY
RESOLUTION NO. 20200624A-W
DECLARATION OF OFFICIAL INTENT TO REIMBURSE GENERAL FUNDS
USED TO CONSTRUCT IMPROVEMENTS TO ITS DRINKING WATER SYSTEM WITH FUNDS RECEIVED
FROM THE PENNSYLVANIA INFRASTRUCTURE INVESTMENT AUTHORITY
WHEREAS, the
Evans City Water and Sewer Authority ("Funding Recipient") has
determined that construction of improvements to the drinking water system
located in Evans City Borough and Forward Township, Butler County, Pennsylvania
(the “Project”), are necessary; and
WHEREAS, in
order to finance the costs of the Project, the Funding Recipient has issued or
intends to issue its Debt Obligation to the Pennsylvania Infrastructure
Investment Authority (“PENNVEST”) in the maximum principal amount of $1,960,000.00
(the “PENNVEST Debt Obligation”).
WHEREAS, Funding
Recipient intends to pay Project costs, on an interim basis, using its General
Funds until the proceeds of the PENNVEST Debt Obligation are received;
NOW, THEREFORE,
the Funding Recipient hereby declares as follows:
Pursuant to federal requirements
set forth at 26 C.F.R. § 1.150-2, the Funding Recipient officially intends to
reimburse its General Funds for
Project costs incurred by the Funding Recipient with the proceeds of the
PENNVEST Debt Obligation up to the maximum principal amount of $1,960,000.00.
ATTEST:
_____________________________ ________________________________
Secretary Ed
Tanski, Chairman
(SEAL)
DATE:________________________
