HomeMy WebLinkAbout4863_CCv0001.pdf RESOLUTION NO. 4863
RESOLUTION OF THE CITY OF REDLANDS MAKING CERTAIN
DETERMINATIONS WITH RESPECT TO REIMBURSEMENT OF PROPOSED
ADVANCE FROM CERTAIN FUNDS OF THE CITY OF REDLANDS FROM
THE PROCEEDS OF A TAX-EXEMPT FINANCING
WHEREAS, the City of Redlands (the "City") wishes to purchase
Bear Valley Mutual Water Company Stock; and
WHEREAS, the City has entered into an agreement with Greenspot
Ranch Investors, a California Limited Partnership, for the purchase
of the Water Stock (the "Agreement") ; and
WHEREAS, the City contemplates issuing debt to finance the
purchase of the water stock; and
WHEREAS, it is contemplated that Certain advances of moneys
will be made by the City out of one or more funds of the City;
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY THE
CITY OF REDLANDS AS FOLLOWS ;
Section 1. It is the intention of the City that expenditures
provided to be made by the City pursuant to the Agreement relating
to the purchase of water stock, as described in the premises of
this Resolution and the Agreement, shall be reimbursed to the City
through the issuance of debt.
Section 2 . The City reasonably expects to reimburse the
expenditure with the issuance of debt to finance the purchase of
water stock. This declaration of official intent to reimburse the
expenditures mentioned herein is made pursuant to Section 1. 103-18
of the Treasury Regulations. The City expects to repay the debt
from monies in the Water Fund. Upon issuance and sale of the debt
a portion of the proceeds of such debt will be deposited in the
Water Fund as reimbursement for the monies previously advanced from
such Fund for expenditures described in Section 1.
Section 3 . The maximum principal amount of debt to be issued
for the purpose of reimbursing the City for expenditures in
acquiring the water stock is expected to be $1, 075, 125. 00.
Section 4 . This Resolution shall be available for public
inspection at the offices of the City during normal business hours
on every business day commencing not less than ten (la) days from
the date hereof until the date of issue of the taxable or tax-
exempt debt provided for hereinabove.
Section 5. Effective Date. This Resolution shall take
effect upon adoption.
ADOPTED this 17th day of March, 1992 .
Mayor of tie C Red l s
_ � 1
ATTEST:
City Cl rk
' l
I, Eorrie Poyzer, City Clerk, City of Redlands, hereby certify
that the foregoing resolution was duly adopted by the City Council
at a regular meeting thereof held on the 17th day of March, 1992,
by the following vote:
AYES : Gouncilmembers Larson, Cunningham, Milson;
Mayor DeMirjyn
NOES : Councilmember Foster
ABSENT: None
Gity C erk