RESOLUTION NO.  132-11

 

 

 

A RESOLUTION OF THE WEST MIFFLIN SANITARY SEWER MUNICIPAL AUTHORITY FOR THE DECLARATION OF OFFICIAL INTENT TO REIMBURSE GENERAL FUNDS USED TO CONSTRUCT IMPROVEMENTS TO ITS SANITARY SEWER SYSTEM WITH FUNDS RECEIVED FROM THE PENNSYLVANIA INFRASTRUCTURE INVESTMENT AUTHORITY

 

WHEREAS, the West Mifflin Sanitary Sewer Municipal Authority ("Funding Recipient") has determined that construction of improvements to the sanitary sewer system located in West Mifflin Borough, Allegheny  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 $1,237,000.00 (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 $1,237,000.00. 

 

RESOLVED AND ADOPTED, this 7th day of April, 2011.

 

 

ATTEST:                                                                    WEST MIFFLIN SANITARY SEWER

                                                                                    MUNICIPAL AUTHORITY

 

__________________________                                _______________________________

B. Frank Genes                                                           Albert J. Kopay, Jr.

Secretary                                                                    Chairman                                                       

 

(SEAL)