HomeMy WebLinkAbout8361RESOLUTION NO. 8361
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDLANDS
DECLARING THE CITY'S OFFICIAL INTENT TO REIMBURSE
EXPENDITURES FROM THE PROCEEDS OF OBLIGATIONS TO BE
ISSUED BY THE CITY OF REDLANDS, A RELATED PARTY OR OTHER
AFFILIATE, AND APPROVING CERTAIN RELATED ACTIONS
WHEREAS, the City of Redlands, California (the "City"), or an affiliate or related party
to the City, including the Redlands Financing Authority (any such party, including the City, the
"Issuer"), expects to undertake the improvement of an existing building, located at 1625 West
Redlands Boulevard, Redlands, California, for purposes of establishing a centralized Police
Department facility, and the acquisition of property for and construction of two new fire stations,
or other similar public safety projects the relocation of a third fire station (the "Project"), using
revenues, proceeds from bonds or other borrowing, and/or other funds; and
WHEREAS, the Issuer expects to pay certain expenditures related to the Project prior to
the issuance of debt (such expenditures, the "Reimbursement Expenditures"); and
WHEREAS, the Issuer reasonably expects to issue obligations in an amount not to
exceed $60,000,000 (the "Obligations") and to use all or a portion of the proceeds of the
Obligations to reimburse the Reimbursement Expenditures that are paid before the date of
issuance or delivery of the Obligations; and
WHEREAS, United States Treasury Regulations Section 1.150-2 provides generally that
proceeds of tax-exempt obligations are not deemed to be expended when such proceeds are used
for reimbursement of expenditures made prior to the date of issuance of such obligations unless
certain procedures are followed, among which is a requirement that (with certain exceptions),
prior to the payment of any such expenditure, the issuer must declare its official intent to
reimburse such expenditure with proceeds of such obligations; and
WHEREAS, it is in the public interest and for the public benefit that the City declare its
official intent to use all or a portion of the proceeds of the Obligations to reimburse the
Reimbursement Expenditures that are paid by the Issuer before the date of issuance of the
Obligations; and
WHEREAS, proceeds of the Obligations will be allocated to the Reimbursement
Expenditures no later than 18 months after the later of (i) the date the cost is paid, or (ii) the date
the Project (or each component thereof) is placed in service or abandoned, but in no event more
than three years after the cost is paid.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Redlands
as follows:
Section 1. The City hereby declares its official intent to use all or a portion of the
proceeds of the Obligations to reimburse the Reimbursement Expenditures that are paid before
the date of issuance of the Obligations.
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Section 2. The City hereby declares that it reasonably expects (i) to pay the
Reimbursement Expenditures prior to the date of issuance of the Obligations and (ii) to use all or
a portion of the proceeds of the Obligations for reimbursement of the Reimbursement
Expenditures that are paid by the Issuer before the date of issuance of the Obligations. This
declaration is made solely for purposes of establishing compliance with the requirements of
United States Treasury Regulations Section 1.150-2. This declaration does not bind the City or
the Issuer to make any expenditure, incur any indebtedness, or proceed with the Project.
Section 3. All actions heretofore taken by the officers, employees and agents of the
City with respect to the actions set forth above are hereby approved, confirmed and ratified.
Section 4. The City Clerk shall certify to the adoption of this Resolution and
thenceforth and thereafter the same shall be in full force and effect.
ADOPTED, SIGNED AND APPROVED this 5 •ay o uly, 2022.
Paul T. Barich, Mayor
ATTEST:
ne Donaldson, City Clerk
4125-0830-8528.2 2
I, Jeanne Donaldson, City Clerk 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 5th day
of July, 2022
AYES: Councilmembers Tejeda, Davis, Guzman -Lowery, Gallagher; Mayor Barich
NOES: None
ABSENT: None
ABSTAINED: None
e Donaldson, City Clerk