HomeMy WebLinkAbout8600RESOLUTION NO. 8600
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDLANDS
STATING ITS INTENTION AND REASONABLE EXPECTATION TO
REIMBURSE EXPENDITURES PAID PRIOR TO THE ISSUANCE OF THE
OBLIGATIONS OR THE APPROVAL BY THE STATE WATER BOARD OF
THE PROJECT FUNDS
WHEREAS, the City of Redlands (the "City") desires to finance constructing and/or
reconstructing of certain public facilities and improvements relating to its wastewater system,
including wastewater treatment facilities, pipelines and other infrastructure (the "Project"); and
WHEREAS, the City intends to finance the construction and/or reconstruction of the Project
or portions of the Project with moneys ("Project Funds") provided by the State of California, acting
by and through the State Water Resources Control Board (State Water Board); and
WHEREAS, the State Water Board may fund the Project Funds with proceeds from the sale
of obligations, the interest upon which is excluded from gross income for federal income tax purposes
(the "Obligations"), and
WHEREAS, prior to either the issuance of the Obligations or the approval by the State Water
Board of the Project Funds the City desires to incur 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 after the date
hereof 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 reasonably expected maximum principal amount of the Project Funds is
$45,000,000.
Section 3. This resolution is being adopted no later than 60 days after the date on which the
City will expend moneys for the construction portion of the Project costs to be reimbursed with
Project Funds.
Section 4. Each City expenditure will be of a type properly chargeable to a capital account
under general federal income tax principles.
Section 5. To the best of its knowledge, the City is not aware of the previous adoption of
official intents by the City that have been made as a matter of course for the purpose of reimbursing
expenditures and for which tax-exempt obligations have not been issued.
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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.
ADOPTED, SIGNED AND APPROVED this 18th day of June, 2024
ddie Tejeda, Mayor
ATTEST:
e Donaldson, City Clerk
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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 18th day of June 2024,
by the following vote:
AYES: Councilmembers Barich, Davis, Guzman -Lowery; Mayor Tejeda
NOES: None
ABSENT: Councilmember Saucedo
ABSTAINED: None
Donaldson, City Clerk
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