HomeMy WebLinkAbout6498_CCv0001.pdf CITY OF REDLANDS
LOCAL AGENCY RESOLUTION
NUMBER 6 d q R
RESOLUTION AUTHORIZING AND APPROVING THE BORROWING
OF FUNDS FOR FISCAL YEAR 2006-2007; THE ISSUANCE AND SALE
OF A 2006-2007 TAX AND REVENUE ANTICIPATION NOTE
THEREFOR AND PARTICIPATION IN THE CALIFORNIA
COMMUNITIES CASH FLOW FINANCING PROGRAM
WHEREAS, local agencies are authorized by Section 53850 to 53858, both
inclusive, 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 25 hereof(the "Local Agency") has determined that a sum (the "Principal
Amount'), not to exceed the Maximum Amount of Borrowing specified in Section 25 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, 2007 ("Fiscal
Year 2006-2007");
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 Fiscal Year 2006-2007 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 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 Fiscal Year 2006-2007;
WHEREAS, pursuant to Section 53856 of the Act, certain moneys which will be
received by the Local Agency during and attributable to Fiscal Year 2006-2007 can be pledged
for the payment of the principal of the Note and the interest thereon(as hereinafter provided);
WHEREAS, the Local Agency has determined that it is in the best interests of
the Local Agency to participate in the California Communities Cash Flow Financing Program
DOCSLAI;517863.1
ADOPTED, SIGNED AND APPROVED this 18th day of April, 2006.
CITY OF REDLANDS, CALIFORNIA
ATTEST: Jon"Harrison, Mayor
Lorrie`Poyzer, City rer
1, Lorrie Poyzer, 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 April, 2006, by the following vote:
AYES: Councilmembers Gilbreath, Gil, Gallagher; Mayor Harrison
NOES: None
ABSENT: None
ABSTAIN: None
Lorrie oyzer, City r