HomeMy WebLinkAbout7263_CCv0001.pdf RESOLUTION NO, 7263
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDLANDS AUTHORIZING
THE SUBMISSION OF THE APPLICATION TO THE CALIFORNIA INFRASTRUCTURE
AND ECONOMIC DEVELOPMENT BANK FOR FINANCING OF THE PAVEMENT
ACCELERATED REHABILITATION IMPLEMENTATION STRATEGY("P S")
DECLARATION OF OFFICIAL INTENT TO REIMBURSE CERTAIN EXPENDITURES
FROM PROCEEDS OF OBLIGATION, AND APPROVING CERTAIN OTHER MATTERS
IN CONNECTION THEREWITH
WHEREAS,the California Infrastructure and Economic Development Bank("I-Bank")
administers a financing program to assist local governments with the financing of public
development facilities as defined in Section 63000 et seq. of the California Government Code
(the"Act"); and
WHEREAS,the I-Bank has instituted an application process for financing under its
Infrastructure State Revolving Fund Program("ISRF Program"); and
WHEREAS,the City of Redlands ("Applicant")desires to submit an application
("Financing Application")to the I- Barak for the ISRF Program for the financing of PARIS
("Project")in an amount not to exceed $2,000,000; and
WHEREAS,the Act requires the Applicant to certify by resolution certain findings prior
to a Project being selected for financing by the I-Bank; and
WHEREAS,the Applicant expects to pay certain expenditures(the"Reimbursement
Expenditures")in connection with the Project prior to incurring indebtedness for the purpose of
financing costs associated with the Project on a long-term basis; and
WHEREAS,the Applicant reasonably expects that a financing arrangement
("Obligation")in an amount not expected to exceed$2,000,000 will be entered into and that
certain proceeds of such Obligation will be used to reimburse the Reimbursement Expenditures;
NOW,THEREFORE, be it resolved by the City Council of the City of Redlands as
follows:
Section 1. The City of Redlands hereby approves the filing of an ISRF Program
Financing Application with the I-Bank for the Project;and in connection therewith certifies.
a. That the Project is consistent with the General Plan of the City of Redlands;
b. The proposed financing is appropriate for the Project;
c. The Project facilitates effective and efficient use of existing and future public
resources so as to promote both economic development and conservation of natural
resources;
d. The Project develops and enhances public infrastructure in a manner that will attract,
create, and sustain long-term employment opportunities; and
e. The Project is consistent with the I-B 's Criteria,Priorities and Guidelines for the
ISRF Program.
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Section 2. The Applicant hereby declares its official intent to use proceeds of the
Obligation to reimburse itself for Reimbursement Expenditures. This declaration is made solely
for purposes of establishing compliance with the requirements of Section 1.150-2 of the Treasury
Regulations. This declaration does not bind the Applicant to make any expenditure, incur any
indebtedness,or proceed with the Project.
Section 3. All of the Reimbursement Expenditures were made no earlier than 60 days
prior to the date of this Resolution. The Applicant will allocate proceeds of the Obligation to pay
Reimbursement Expenditures within eighteen(18) months of the later of the date the original
expenditure is paid or the date the Project is placed in service or abandoned, but in no event more
than three(3)years after the original expenditure is paid.
Section 4. The Mayor is hereby authorized and directed to act on behalf of the City of
Redlands in all matters pertaining to this application.
Section 5. If the Financing Application is approved,the Mayor is authorized to enter into
and sign the financing documents and any amendments thereto with the I-Bank for the purposes
of this financing.
Section 6. This resolution shall become effective immediately upon adoption.
ADOPTED, SIGNED AND APPROVED this 3d day of September,2013.
Pete Aguilar, Mayor
ATTEST:
Sam Irwin,dify Clerk
1, Sam Irwin, City Clerk of the City of Redlands, hereby certify that the foregoing resolution was
adopted by the City Council at a regular meeting thereof held on the 3rd day of September, 2013
by the following vote:
AYES: Councilmembers Harrison, Foster, Gardner, Gilbreath; Mayor Aguilar
NOES: None
ABSTAIN: None
ABSENT: None
City Clerk
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