We've already paid for the equipment, can we still finance it?

Yes! This can occur in two ways:

  1. if the lessee is in the process of completing their lease application and/or contract, they can pay for the equipment/project and seek reimbursement following the completion of the lease documentation; or
  2. if the lease paperwork has not been started, to receive a reimbursement of cash, the lessee must first pass a reimbursement resolution declaring official intent to reimburse expenditures with tax-exempt proceeds. Once the resolution has passed, the proceeds of the tax-exempt offering may be used to reimburse expenditures made up to 60 days prior to the declaration of official intent.

 

In any event, the financing must be closed and the reimbursement made within 18 months after the date the expenditure was paid for or the date, on which the property was placed in service, whichever is later.

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Treasurer, Evergreen Fire Company

 
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