HomeMy WebLinkAboutReso 99-160 - Reso of Official Intent to Reimburse Certain Expenditures from Proceeds of Indebtedness SOL,UTION OF OFFICIAL INTENT*
TO IMBURSE CERTAIN EXPENDITURES
FROlVI PROCEEDS OF INDEBTEDNESS
Resolution No. 99��
W�IEREAS, the City of Redding(the"City") intends to acquire one Type I Fire
Engine(the"Proj ect");
WHEREAS, the City expects to pay certain expenditures (the "Reimbursement
Expenditures")in connection with the Project prior to the issuance of indebtedness for the purpose
of financing costs associated with the Project on a long-term basis;
WHEREAS, the City reasonably expects that debt obligations in an amount not
expected to exceed$220,000 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 City to
declare its reasonable official intent to reimburse prior expenditures for the Project with proceeds
of a subsequent borrowing;
NOW, THEREF'ORE, BE I�' RESOLVED by the City Council of the City of
Redding as follows:
Section 1. The City Council finds and determines that the foregoing recitals are
true and correct.
Section 2. This resolution is made solely for purposes 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 Project.
Section 3. The City hereby declares its official intent to use proceeds of
indebtedness to reimburse itself for the Reimbursement Expenditures.
Section 4. This resolution shall take effect from and atter its adoption.
I HEREBY CERTIFY that the foregoing Resolution was introduced to and read
at a regular meeting of the City Council of the City of Redding on the 7`�date of December, 1999,
and was duly adopted at said meeting by the following vote.
AYE: COLJNCILMEMBERS: Cibula, Kight, Pohlmeyer and NicGeorge
NOES: COLTNCIL MEMBERS: None
ABSENT: COLJNCIL MEMBERS: Anderson
ABSTAIN: �COUNCIL MEMBERS: None
R ERT C. ANDERSON, Mayor
ATTEST: FORM APPROVAL � `�
��
�,� ,�j . � `c�
I �
�� CONNIE STROH YER, City Clerk W. LEO� ARD WINGArTE City Attorney ��