HomeMy WebLinkAbout6474_CCv0001.pdf RESOLUTION NO. 6474
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDLANDS
DECLARING ITS OFFICIAL INTENT TO REIMBURSE CERTAIN EXPENDITURES
FROM PROCEEDS OF OBLIGATION
WHEREAS, the City of Redlands(the"Public Agency")intends to construct a sports parr
on its 100+f-acres of property located between Wabash Avenue,San Bernardino Avenue,Dearborn
Street and Seasums Drive, in the City of Redlands (the "Project"); and
WHEREAS, the Public Agency 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 Public Agency reasonably expects that a financing arrangement
("Obligation") in an amount not expected to exceed one million nine hundred eighty-five thousand
dollars ($1,985,000)will be entered into and that certain of the proceeds of such Obligation will be
used to reimburse the Reimbursement Expenditures; and
WHEREAS, the Public Agency reasonably expects approximately five hundred thousand
dollars($500,000) of the total Project costs to be paid by the American Youth Soccer Organization
(the "AYSO") pursuant to the terms and conditions of a Facility Use Agreement dated as of
November 1, 2005, (the "Facility Agreement")by and between the Public Agency and the AYSO;
NOW, THEREFORE, the City Council of the City of Redlands does hereby resolve as
follows:
Section 1. It finds and determines that the foregoing recitals are true and correct.
Section 2. This declaration is made solely for purposes of establishing compliance with the
requirements of Sections 1.141-4(c)and 1.150-2 of the Treasury Regulations. This declaration does
not bind the Public Agency to make any expenditure, incur any indebtedness or proceed with the
Project.
Section 3. The Public Agency hereby declares:
(a) its official intent to use proceeds of the Obligation to reimburse itself for
Reimbursement Expenditures; and
(b) its official intent to use directly, or to be repaid from, the payment of
$500,000 from the AYSO pursuant to the Facility Agreement for a portion of
its Project expenditures.
L:cclerk,Resolutions%6474doc
Section 4. All of the Reimbursement Expenditures were made no earlier than sixty(60)days
prior to the date of this Resolution. The Public Agency 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. The payment from AYSO will be made
within eighteen(I8) months of the later of the date the original expenditure is paid or the date the
Project is placed in service.
Section 5. This Resolution shall take effect from and after its adoption.
ADOPTED, SIGNED AND APPROVED at a meeting of the City Council of the City of
Redlands on March 21, 2006, by the following vote:
AYES: Councilmembers Gilbreath, Peppler, Gil, Gallagher; Mayor Harrison
NOES: None
ABSENT: None
ABSTAIN: None
Jon rrison, Mayor
ATTEST:
t
Lorrie45oyzer, Citytry
I,Lorrie Poyzer,City Clerk of the City of Redlands,hereby certify that the foregoing is a full,
true and correct copy of the declaration of the City Council of the City of Redlands duly made at a
meeting thereof held on the date specified below, and that said declaration has not been amended,
modified or revoked by the City Council of the City of Redlands.
Date: March 21 2006
Cit Clerk, City ed ids
1:lcclerklResolutions15474.doc