HomeMy WebLinkAboutReso 2002-069 - Reimburse Certain Expenditures RESOLUTION NO. 2002-69
A RESOLUTION OF THE CITY OF REDDING APPROVING THE
DECLARATION OF OFFICIAL INTENT
OF THE CITY OF REDDING
TO REIMBURSE CERTAIN EXPENDITURES
FROM PROCEEDS OF INDEBTEDNESS
WHEREAS,the City of Redding (the"Issuer") intends to acquire, construct, and improve a new city
swimming facility and a sports complex (the"Projects");
WHEREAS, the Issuer expects to pay certain expenditures(the "Reimbursement Expenditures") in
connection with the projects prior to the issuance of indebtedness for the purpose of financing costs associated
with the Projects on a long-term basis;
WHEREAS,the Issuer reasonably expects that debt obligations in an amount not expected to exceed
$6,000,000 will be issued and that certain of the proceeds of such debt obligations will be used to reimburse the
Reimbursement Expenditures; and
WHEREAS, Section 1.150-2 of the Treasury Regulations requires the Issuer to declare its reasonable
official intent to reimburse prior expenditures for the Projects with proceeds of a subsequent borrowing;
NOW, THEREFORE,the City Council of the City of Redding does here resolve as follows:
Section 1. The Issuer finds and determines that the foregoing recitals are true and correct
Section 2. This resolution is made solely for purposes of establishing compliance with requirements of
Section 1.150-2 of the Treasury Regulations. This resolution does not bind the Issuer to make any expenditure,
incur any indebtedness, or proceed with the Projects.
Section 3. The Issuer hereby declares its official intent to use proceeds of indebtedness to reimburse
itself for Reimbursement Expenditures.
Section 4. This resolution shall take effect from and after its adoption.
I HEREBY CERTIFY that the foregoing Resolution was introduced and read at a regular meeting of
the City Council of the City of Redding on the/(AZ day oa ,.(; 2002, and was duly adopted at said
meeting by the following vote. ��
AYE: COUNCIL MEMBERS: Cibula, McGeorge, Pohlmeyer, Stegall and Kight
NOES: COUNCIL MEMBERS None
ABSENT: COUNCIL MEMBERS None
ABSTAIN: COUNCIL MEMBERS None
PAT KIGHT, yor
ATTEST: FORM A7yOVAL
COME STRO MAYER, City lerk W. LEONARD WING E, City Attorney