Douglas County declares intent to reimburse library project costs from future bonds

The Douglas County Board on Jan. 28 adopted Resolution 26-16, a declaration of official intent to reimburse specified expenditures for the planned library project from proceeds of tax-exempt bonds in accordance with Treasury Regulation §1.150-2. The declaration states that the County reasonably expects to reimburse project expenditures, including capital costs and costs of issuance, from bonds in an estimated maximum principal amount of $17,500,000.

Resolution 26-16 describes the scope and timing constraints for reimbursement, including limits on what qualifies as preliminary expenditures (architectural, engineering, surveying and similar costs) and the requirement that the declaration be made no later than 60 days after payment of an original expenditure to be reimbursed, subject to enumerated exceptions for costs of issuance and small expenditures. The board adopted the declaration after a motion by Commissioner Jeff Way, seconded by Commissioner Shane Schmidt; the recorded vote was unanimous.

“This Declaration is intended to constitute a declaration of official intent for purposes of the Reimbursement Regulations,” the resolution states. The declaration also ties the intent to an anticipated construction schedule identifying 2027 as the year the county proposes to undertake construction of the library building.