HomeMy WebLinkAbout6162_CCv0001.pdf RESOLUTION NO. 6162
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDLANDS
RESCINDING RESOLUTION NO. 6153 RELATING TO THE ISSUANCE OF TAX AND
REVENUE ANTICIPATION NOTES
WHEREAS, on April 15, 2003 the City Council adopted Resolution No. 6153 authorizing
the City's issuance and sale of a 2003-2004 Tax and Revenue Anticipation Note (the "Note") and
participation in the California Communities Cash Flow Financing Program (the "State Program");
and
WHEREAS,the City's Finance Director has recently determined,and has informed this City
Council,that the City will derive no financial benefit from the issuance of the Note or participation
in the State Program; and
WHEREAS, it is the City Finance Director's recommendation that the City withdraw from
participation in the State Program and not issue the Note;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL, OF THE CITY OF
REDLANDS AS FOLLOWS:
Section 1. Resolution No. 6153 is hereby rescinded and the City's Finance Director is
authorized to take all reasonable or necessary steps to cause the City's withdrawal from the State
Program.
ADOPTED, SIGNED AND APPROVED this 20th day of May, 2003.
Mayor of the City of Redlands
Attest:
Deputy City C1�rk
I:\catdjm\Reso%162 Rescind TR.ANS.Kpd
I, Beatrice Sanchez, Deputy 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 20th
day of May, 2003,by the following vote:
AYES: Councilmembers Peppler, Gilbreath, George, Harrison, Mayor Haws
NOES: None
ABSENT: None
ABSTAIN: None
Beatrice Sanchez, Deputy City Cler
City of Redlands