IN THE COUNTY LEGISLATURE OF JACKSON COUNTY, MISSOURI
Title
A RESOLUTION assigning Recovery Zone Facility Bond limitation to the Independence 30 School District of Jackson County, Missouri, pursuant to the American Recovery and Reinvestment Tax Act of 2009 for the purpose of issuing Recovery Zone Facility Bonds.
Intro
RESOLUTION #17319, June 28, 2010
INTRODUCED BY Dennis Waits, County Legislator
Body
WHEREAS, the County has received an allocation of the Recovery Zone Facility Bonds limitation in the amount of $7,983,000 (the "Allocation"), pursuant to the American Recovery and Reinvestment Tax Act of 2009, codified in Title 26 of the United States Code and Internal Revenue Service, Notice 2009-50, issued on June 12, 2009; and
WHEREAS, the Independence 30 School District of Jackson County, Missouri (the "District") is authorized to finance, refinance and reimburse the costs of its school facilities; and
WHEREAS, the District has requested that the County allocate a portion of the Allocation to it, so that the District may issue Recovery Zone Facility Bonds, within the meaning of Section 1400U-2 of the Code, to finance all or a portion of projects authorized to be financed (the "Projects"); and
WHEREAS, the Projects are located within the jurisdictions of the County and the District; now therefore,
BE IT RESOLVED by the County Legislature of Jackson County, Missouri, as follows:
Section 1. Assignment of Recovery Zone Facility Bond Limitation. A portion of the Allocation in the amount of $2,455,000 is hereby assigned to the District to be used for the purpose of issuing Recovery Zone Facility Bonds to finance the Projects, on the condition that such financing be completed on or before June 30, 2010 (the "Assignment Expiration Date").
Section 2. Unused Portion of Allocation. Any portion of the assigned Allocation may be released and returned to the County by a resolution of the District. Any portion of the assigned allocation not allocated by the District to the financing for the Projects that are issued on or before the Assignment Expiration Date shall revert to the County and this assignment shall be of no further effect.
Section 3. Further Authority. The appropriate staff and officers of the County are authorized and directed to take all necessary steps and do such acts to execute, acknowledge and deliver all such documents as may in their discretion be deemed necessary or desirable in order to carry out or comply with the terms and provisions of this Resolution in connection with assigning the Allocation.
Enacted and Approved
Effective Date: This Resolution shall be effective immediately upon its passage by a majority of the Legislature.
APPROVED AS TO FORM:
______________________________ ________________________________
Chief Deputy County Counselor Acting County Counselor
Certificate of Passage
I hereby certify that the attached resolution, Resolution #17319 of June 28, 2010 was duly passed on June 28, 2010 by the Jackson County Legislature. The votes thereon were as follows:
Yeas _________9________ Nays _____0______
Abstaining ______0_____ Absent _____0_______
______________________ _____________________________________
Date Mary Jo Spino, Clerk of Legislature