HomeMy WebLinkAbout4855_CCv0001.pdf RESOLUTION NO. 4855
RESOLUTION OF THE CITY OF REDLANDS MAKING CERTAIN
DETERMINATIONS WITH RESPECT TO REIMBURSEMENT OF PROPOSED
ADVANCES 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 acquire
and construct improvements to the City's Solid Waste Disposal
System (the "System") ; and
WHEREAS, the City has entered into an agreement with
Fisher's grading and Excavating, Inc. for the construction of the
California Street Landfill Drainage System (the "Project") (The
"Agreement") ; and
WHEREAS, the City contemplates issuing debt to finance the
construction of the Project; 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 construction of the Project, 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 construction
of the Project. 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 moneys in the Solid Waste Project Fund. Upon
issuance and sale of the debt a portion of the proceeds of such
debt will be deposited in the Solid Waste Project Fund as
reimbursement for the moneys 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
constructing the Project is expected to be $406,715. 64 .
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 10 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 10th day of March, 1992.
Mayolr ity b ,,'edlands
y
ATTEST:
J
City Clerk.
I, Lorrie Poyzer, City Clerk of the City of Redlands, do hereby
certify that the foregoing resolution was regularly introduced and
adopted by the City Council of the City of Redlands, California, at
an adjourned meeting thereof held on the 10th day of March 1992 by
the following vote:
AYES; Councilmembers Larson, Foster; Mayor DeMirjyn
NOES: Councilmembers Cunningham, Milson
ABSENT: None
ABSTAINED: None
City C1^ rk� ��