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
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.
B. Frank Genes Albert J. Kopay, Jr.