RESOLUTION NO. 223
ADOPTING A DECLARATION OF INTENT REGARDING REIMBURSEMENT OF EXPENDITURES FOR RENOVATIONS AT THE CAPITAL DISTRICT YOUTH CENTER
Introduced: 6/13/22
By Audit and Finance Committee:
WHEREAS, The County of Albany New York (the "County") plans to undertake the renovation and rehabilitation of a detention facility certified by the office of children and family services or by such office in conjunction with the state commission of correction or a residential facility licensed by the office of children and family services, all or in part pursuant to the New York State Raise the Age Legislation (the "Project"); and
WHEREAS, The County expects to finance the Project on a long-term basis with the proceeds of tax-exempt bonds issued by the Dormitory Authority of the State of New York (the "Bonds"); and
WHEREAS, Because the Bonds will not be issued prior to the commencement of the Project, the County must provide interim financing to cover costs of the Project incurred prior to receipt of the proceeds of the Bonds; and
WHEREAS, It is necessary, desirable, and in the best interests of the County to advance moneys from its funds on hand on an interim basis to pay the costs of the Project until the Bonds are issued; and
WHEREAS, The United States Treasury Regulations Section 1.150-2 (the "Reimbursement Regulations") prescribe conditions under which the proceeds of bonds, notes or other obligations may be used to reimburse advances made for capital expenditures paid before the issuance of such bonds, notes or other obligations to meet the requirements of Section 103 and 141-150 of the Internal Revenue Code of 1986, as amended, now, therefore, be it
RESOLVED, By the Albany County Legislature, that the County shall make expenditures as needed from its funds on hand to pay the costs of the Project until Bond proceeds become available, and, be it further
RESOLVED, The County hereb...
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