HomeMy WebLinkAbout6861RESOLUTION NO 6861
A RESOLUTION OF THE CITY COUNCIL OF I HE CITY OF REDLANDS
EXPRESSING I FS IN1 ENT TO REIMBURSE CITY CAPITAL EXPENDITURES
ASSOCIATED WI FH THE CITY'S WATER AND WAS FEWATER SYSTEMS
FROM THE PROCEEDS OF A STATE WATER RESOURCES CONTROL BOARD
CLEAN WATER STATE REVOLVING FUND AND/OR WATER RECYCLING
FUNDING PROGRAM FINANCING
WHEREAS, the City of Redlands (the "City") desires to finance the costs of
constructing and/or reconstructing certain public facilities and improvements relating to its watei
and wastewatei systems, including certain treatment facilities, pipelines and othei infrastructure
(the "Project"), and
WHEREAS. the City intends to finance the construction and/or reconstruction of the
Project 01 portions of the Project with moneys ("Project Funds") provided by the State of
California. acting by and through the State Watei Resources Control Board (` State Watei
Board"), and
WHEREAS, the State Watei Board may Lund the Project Funds with proceeds from the
sale of obligations the interest upon which is excluded from gross income for tederal income tax
purposes (the "Obligations"), and
WHEREAS, prior to either the issuance of the Obligations of the approval by the State
Wates Board of the Project Funds, the City desires to incui certain capital expenditures (the
"Expenditures") with respect to the Project from available moneys of the City, and
WHEREAS, the City has determined that those moneys to be advanced on and attei the
date hereot to pay the Expenditures are available only for a temporary period and it is necessary
to reimburse the City for the Expenditures from the proceeds of the Obligations,
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Redlands as
follows
SECTION 1 The City hereby states its intention and reasonably expects to reimburse
Expenditures paid prior to the issuance of the Obligations or the approval by the State Water
Board of the Project Funds
SECTION 2 The icasonably expected maximum principal amount of the Project Funds
is 57,300,000
SECTION 3 This resolution is being adopted no latei than 60 days after the date on
which the City will expend moneys for the portion of the Project costs to be reimbursed with
Project Funds
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SECTION 4 Each City expenditure will be ot a type properly chargeable to a capital
account under general federal income, tax principles
SECTION 5 To the best of oui knowledge, this City is not aware of the previous
adoption of official intents by the City that have been made as a mattes ot course tot the purpose
of reimbursing expenditures and for which tax-exempt obligations have not been issued
SECTION 6 This resolution is adopted as official intent of the City in order to comply
with Treasury Regulation §1 150-2 and any other regulations of the Internal Revenue Service
relating to the qualification for reimbursement of Project costs
SECTION 7 All the recitals in this Resolution are true and correct and this City so finds,
determines and represents
ADOP IED, SIGNED AND APPROVED this 21st of July, 2009
z'
Ma 1 ot the ity of Redlands
ATTEST
1, Lorne Poyzer, City Cleik of the City of Redlands, hereby certify that the foregoing resolution
was duly adopted by the City Council at a regular meeting thereof held on the 21st of July, 2009,
by the following vote
AYES Councalmembers Gilbreath Gallagher, Aguilar, Bean. Mayoi Harrison
NOES None
ABSENT None
ABSTAIN None
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