HomeMy WebLinkAbout6593_CCv0001.pdf CITY OF REDLANDS
LOCAL AGENCY RESOLUTION
NUMBER 5593
RESOLUTION AUTHORIZING AND APPROVING THE BORROWING
OF FUNDS FOR FISCAL YEAR 2007-2048; THE ISSUANCE AND SALE
OF A 2007-2008 TAX AND REVENUE ANTICIPATION NOTE
THEREFORE AND PARTICIPATION IN THE CALIFORNIA
COMMUNITIES CASH FLOW FINANCING PROGRAM.
WHEREAS, local agencies are authorized by Section 53850 to 53858, both
inclussive, of the Government Code of the State of California (the "Act") (being Article 7.6,
Chapter 4, Part 1, Division 2, Title 5 of the Government Code) to borrow money by the issuance
of temporary notes;
WHEREAS, the legislative body (the "Legislative Body") of the local agency
specified in Section 21 hereof(the "Local Agency„) has determined that a sum (the "Principal
Amount"), not to exceed the Maximum Amount of Borrowing specified in Section 21 hereof,
which Principal Amount is to be confirmed and set in the Pricing Confirmation (as defined in
Section 4 hereof), is needed for the requirements of the Local Agency, to satisfy obligations of
the Local Agency, and that it is necessary that said Principal Amount be borrowed for such
purpose at this time by the issuance of a note or notes therefore in anticipation of the receipt of
taxes, income, revenue, cash receipts and other moneys to be received by the Local Agency for
the general fund of the Local Agency attributable to its fiscal year ending June 30, 1.008
("Repayment Fiscal Year");
WHEREAS, the Local Agency hereby determines to borrow, for the purposes set
forth above,the Principal Amount by the issuance of the Note, as hereinafter defined;
WHEREAS, it appears, and this Legislative Body hereby finds and determines,
that the Principal Amount, when added to the interest payable thereon, does not exceed
eighty-five percent (85%) of the estimated amount of the uncollected taxes, income, revenue
(including, but not limited to, revenue from the state and federal governments), cash receipts and
other moneys of the Local Agency attributable to the Repayment Fiscal Year, and available for
the payment of the principal of the Note and the interest thereon;
WHEREAS, no money has heretofore been borrowed. by or on behalf of the
Local Agency through the issuance of tax and revenue anticipation notes or temporary notes in
anticipation of the receipt of, or payable from or secured by, taxes, income, revenue, cash
receipts or other moneys for the Repayment Fiscal Year;
WHEREAS, pursuant to Section 53856 of the Act, certain moneys which will be
received by the Local Agency during and attributable to the Repayment Fiscal Year can be
pledged for the payment of the principal of the Note and the interest thereon (as hereinafter
provided);
ONS WEsr,250148581.2
ADOPTED, SIGNED AND APPROVED this 17th day of April, 2007.
CITY OF REDLANDS, CALIFORNIA
ATTEST: Jon rrison, ayor
r
Lorri oyzer, C;ty, 1 k
I, Lorrie Poyzer, City Clerk of the City of Redlands, hereby certify that Resolution No. 6593 was
duly adopted by the City Council at a regular meeting thereof held on the 17th day of April,
2007, by the following vote:
AYES: Councilmembers Gilbreath, Gallagher, Aguilar; Mayor Harrison
NOES: None
ABSENT: Councilmember Gil
ABSTAIN: None
Lorr' Poyzer, ' `G rk