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HomeMy WebLinkAboutReso 2000-078 - Offset Printing Press RESOLUTION NO. 2000- g A RESOLUTION OF THE OFFICIAL INTENT OF THE CITY COUNCIL OF THE CITY OF REDDING TO REIMBURSE THE CITY FOR CERTAIN EXPENDITURES FOR THE PURCHASE OF A USED OFFSET PRINTING PRESS, FROM THE PROCEEDS OF SUBSEQUENT INDEBTEDNESS. WHEREAS: A. The City of Redding ("City") intends to acquire a used offset printing press ("Equipment) through lease/purchase. B. The City expects to pay certain expenditures ("Reimbursement Expenditures") in connection with the Equipment prior to the issuance of indebtedness for the purpose of financing costs associated with the Equipment on a long-term basis. C. The City reasonably expects that a debt obligation in an amount not to exceed $47,263 will be issued, and that certain of the proceeds of such debt obligation will be used to reimburse the Reimbursement Expenditures. D. Section 1.150-2 of the Treasury Regulations requires the City to declare its reasonable official intent to reimburse prior expenditures for the Equipment with the proceeds of a subsequent borrowing. NOW, THEREFORE, IT IS HEREBY RESOLVED by the City Council as follows: 1. The City Council finds and determines that the foregoing recitals are true and correct. 2. This resolution is made solely for the purpose of establishing compliance with the requirements of Section 1.150-2 of the Treasury Regulations. This resolution does not bind the City to make any expenditure, incur any indebtedness, or proceed with the lease/purchase of the Equipment. 3. The City hereby declares its official intent to use the proceeds of indebtedness to reimburse itself for the Reimbursement Expenditures. 4. This resolution shall take effect from and after its adoption. I HEREBY CERTIFY that the foregoing resolution was introduced, read and adopted at a regular meeting of the City Council on the 2nd day of May , 2000, by the following vote: AYES: COUNCIL MEMBERS: Cibula, Kight, McGeorge, Pohlmeyer and Anderson NOES: COUNCIL MEMBERS: None ABSENT: COUNCIL MEMBERS: None ABSTAIN: COUNCIL MEMBERS: None ROBERT C. ANDERSON, Mayor Attest: Form Approved: tAr Connie Stroh ayer, City CW.k ( eo rd Trate, City A; I me f r ' ' "