RESOLUTION #12-07

A RESOLUTION

RELATING TO THE DECLARATION OF INTENT BY NEWBERRY COUNTY, SOUTH CAROLINA, TO REIMBURSE CERTAIN EXPENDITURES PRIOR TO THE ISSUANCE BY THE COUNTY OF ITS TAX-EXEMPT DEBT

WHEREAS, the Internal Revenue Service and U.S. Treasury Department have promulgated Section 1.150-2 of the Treasury Regulations (the “Regulations”) that authorizes an issuer to reimburse itself for expenditures made with respect to projects prior to the issuance of tax-exempt debt for such projects; and

WHEREAS, Newberry County, South Carolina (the “County”), anticipates incurring certain expenditures (the “Expenditures”) with respect to capital projects at the Newberry Opera House and the Helena Community Center (the “Projects”), prior to the issuance by the County of tax-exempt debt in the amount of not to exceed $200,000 for the purpose of funding the Projects; and

WHEREAS, the Regulations require that the governing body of the political subdivision declare an official intent to reimburse an expenditure prior to the incurrence of the expenditure.

Pursuant to the authority by the Constitution of the State of South Carolina and the General Assembly of the State of South Carolina, BE IT RESOLVED BY THE NEWBERRY COUNTY COUNCIL:

Section 1. The County Council hereby declares that this Resolution shall constitute its declaration of official intent pursuant to Regulation § 1.150-2 to reimburse the County from the proceeds of tax-exempt debt of the County to be issued pursuant to South Carolina law for Expenditures with respect to the completion of the Project. The County Council anticipates incurring Expenditures with respect to the completion of the Project prior to the issuance by the County of tax-exempt debt for such purposes.

Section 2. To be eligible for reimbursement of the Expenditures, the reimbursement allocation must be made not later than 18 months after the later of (a) the date on which the Expenditures were paid, or (b) the date the Project was placed in service, but in no event more than three (3) years after the original Expenditures.

Section 3. The Expenditures shall be incurred solely to acquire, construct or rehabilitate property having a reasonably expected economic life of at least one (1) year.

Section 4. This Resolution shall be in full force and effect from and after its adoption as provided by law. This Resolution shall be made available for inspection during normal business hours by the general public at the office of the County.

ADOPTED and APPROVED in meeting duly assembled this 11^th day of July, 2007.

NEWBERRY COUNTY, SOUTH CAROLINA

By:

Henry B. Summer, Chairman, County Council

ATTEST:

Susan C. Fellers, Clerk to County Council