Agenda

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Regular Agenda Item 3. D.

Regular BOS Meeting

Meeting Date:	05/21/2019
Submitted For:	Mary Springer	Submitted By:	Mary Springer, Finance Director
Department:	Finance
Fiscal Year:	2019/2020	Budgeted?:	No
Contract Dates Begin & End:	4/11/2019	Grant?:	No
Matching Requirement?:	No	Fund?:	New

Information

Request/Subject

Adopt reimbursement Resolution No. 19-05-07 for the purchase of the property located at 112 W. Cedar Lane, Payson, Arizona 85541.

Background Information

On March 19, 2019, the Board approved the purchase of the property located at 112 W. Cedar Lane, Payson, Arizona to be used by the Probation Department as probation offices, group treatment rooms, individual treatment rooms, a juvenile respite center, and teen center. The total purchase price of the building $290,148.

Evaluation

This resolution is official intent relating to reimbursement for the original expenditures for the Payson Probation/Juvenile Project in an amount not to exceed $290,148 occurring on or after April 11, 2019, which are capital expenditures (being any cost of a type that is properly chargeable to a capital account [or would be so chargeable with a proper election] under general federal income tax principles.) (The maximum principal amount of obligations [including the reimbursement bonds for such purposes] to be issued for the Payson Probation/Juvenile Project will not exceed $10,100,000.)

Conclusion

The reimbursement resolution is required to be passed within 60 days of the purchase of the property at 112 W. Cedar Lane, Payson, Arizona 85541 so that the purchase price of the property can be included in the future financing package for the capital project plan as detailed by the County Manager at the Board meeting held on 4/16/19.

Recommendation

Staff recommends adopting the reimbursement resolution.

Suggested Motion

Information/Discussion/Action to adopt Resolution No. 19-05-07 to be reimbursed for the purchase of the property located at 112 W. Cedar Lane, Payson, Arizona 85541 in the amount of $290,148 as allowed under Treasury Regulation, Section 1.150-2. (Mary Springer)

Attachments
Resolution No. 19-05-07
Amended Resolution No. 19-05-07 per BOS vote