HomeMy WebLinkAboutReso 92-439 - Approve & Adopt the 24th Amendment to city budget reso 92-306 appropriating $ for the Airport Industrial Park RESOLUTION NO. g2--'1.3�
A RESOLUTION OF THE CITY OF REDDING APPROVING AND
ADOPTING THE 24TH AMENDMENT TO CITY BUDGET RESOLUTION
NO. 92-306 APPROPRIATING $145,000 FOR THE AIRPORT
INDUSTRIAL PARK.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF REDDING:
THAT the Annual Budget Resolution No. 92-306 be and is hereby amended as
follows:
FUND DIVISION DESCRIPTION INCREASE DECREASE
134 821 Airports Administration $145,000
THAT account titles and numbers requiring adjustment by this Resolution are
as follows:
SOURCE USE
OF FUNDS OF FUNDS
Increase Revenue:
Municipal Airport Fund
A/C No. 134-821-05-5041 Fund Transfer from General
Fund* $(145,000)
Increase Appropriations:
Airports Administration
A/C No. 134-821-00-4214 Airport Industrial Park $ 145,000
$(145,000) $ 145,000
THAT the purpose is to appropriate $145,000 for the Airport Industrial
Park.
I
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 20t1day of
October , 19 92 , and was duly adopted at said meeting by the following vote:
J AYES: COUNCIL MEMBERS: Anderson, Arness, Dahl, Kehoe & Moss
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS:
ABSTAIN: COUNCIL MEMBERS: None
i
CHARLIE MOSS, Mayor
ATTEST: FORM APPROVAL:
Al
ONNIE STROHMAYER, Cit yle k DALL A. HA S, it Attorney
* Proposition 111 gas tax revenue.
'I
I
�I
RESOLUTION NO. q2
,j DECLARATION OF OFFICIAL INTENT OF THE CITY
COUNCIL OF THE CITY OF REDDING TO INCUR
TAXABLE OR TAX-EXEMPT INDEBTEDNESS IN ORDER
.� TO REIMBURSE CERTAIN CAPITAL EXPENDITURES.
WHEREAS, the City Council of the City of Redding (the "City") is a
duly constituted and existing municipal corporation of the State of California;
;j WHEREAS, the City intends to construct, equip, and improve certain
facilities consisting of the real and personal property more fully described in Exhibit
A attached hereto, located in Shasta County, California (the "Project");
I.
WHEREAS, the City expects to pay certain capital expenditures in
connection with the acquisition, construction, and development of the Project prior
to the issuance of taxable or tax-exempt indebtedness to finance such expenditures;
l
�i
WHEREAS, the City is authorized by the law of the State of California
to incur or issue debt obligations or to enter into installment sale agreements
j (including indebtedness and securities of any kind or class, the interest to be paid
on which is either taxable or tax-exempt);
'i
WHEREAS, the City intends to undertake an installment sale transaction
with a third party to be identified (the "Third Party") to issue taxable or tax-exempt
obligations of the City (the "Obligations") for the purpose of financing on a long-
term basis the costs of the Project;
WHEREAS, pursuant to the requirements of Section 1.103-17 of the
proposed Treasury Regulations, the City must, among other things, express a
j reasonable official intent to reimburse prior expenditures for the Project with
proceeds of a taxable or tax-exempt borrowing; and
j WHEREAS, the City wishes to declare its official intent to use proceeds
of taxable or tax-exempt Obligations in order to reimburse Project expenditures and
to finance such Project costs on a long-term basis with the proceeds of such
Obligations; N
I�
1
9
'i
• •
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Redding as follows:
Section 1. The City Council of the City of Redding finds and determines
that the foregoing recitals are true and correct.
Section 2. This Resolution is executed hereby and on behalf of an
adopted by the City Council of the City of Redding solely for purposes of
establishing compliance with the requirements of Section 1.103-17 of the proposed
Treasury Regulations. Terms used herein, unless otherwise defined, shall have the
meanings set forth in the Internal Revenue Code of 1986 (the "Code") and in Section
1.103-17 of the proposed Treasury Regulations that were published on April 25,
! 1991. This Resolution does not bind the City to make any expenditures, incur any
indebtedness, or proceed with the Project.
Section 3. The City Council of the City of Redding expects the City will
pay certain capital expenditures in connection with the construction and/or
development of the Project prior to the City and the Third Party executing and
delivering the Obligations for the Project. The reimbursement of such Project
i
expenditures is consistent with the City's previously established budgetary and
!� financial circumstances. As of the date hereof, the City Council of the City of
Redding reasonably expects that such Project expenditures shall be paid from the
I
lawfully available funds of the City's Municipal Airport Division. The City Council
of the City of Redding does not expect that moneys in the City's Municipal Airport
Division fund and short-term fund transfers temporarily used to pay such Project
expenditures will be needed for purposes for which the City's Municipal Airport
Division funds are otherwise intended to be used prior to the anticipated date of
execution and delivery of the Obligations for the Project. Other than proceeds of
the Obligations to be issued for the Project and Municipal Airport Division fund,
there are no funds or sources or moneys which have been, or reasonably are
expected to be, allocated, reserved, or otherwise made available on a long-term basis
pursuant to the City's budget to pay costs of the Project.
Section 4. Project expenditures to be reimbursed shall not have been
paid from proceeds of any tax-exempt indebtedness.
t
Section 5. The City Council of the City of Redding hereby declares the
City's official intent to use proceeds of taxable or tax-exempt indebtedness to
reimburse itself for future Project expenditures. The City Council of the City of
Redding reasonably expects that such indebtedness will be secured by and payable
from the Municipal Airport Division funds of the City.
I, Section 6. This Resolution shall be continuously available for inspection
by the general public during the normal business hours at the offices of the City
located at 760 Parkview Avenue, Redding, California, commencing on the date which
it is ten (10) days after the adoption of this Resolution.
it Section 7. This Resolution shall take effect immediately upon its
adoption.
The foregoing Resolution was passed and adopted by the City Council
i
'! of the City of Redding on November 3, 1992, by the following vote.
it
AYES: COUNCIL PERSONS: Anderson, Arness, Dahl, Kehoe & Moss
NOES: COUNCIL PERSONS: None
ABSENT: COUNCIL PERSONS: None
ABSTAIN: COUNCIL PERSONS: None
i
1 a
Mayor
ATTEST: FORM APPROVED:
i
CONNIE STROHMAYE City Clerk RA DALL A. HXYSCity Attorney
co
0
p
IL
tn
N
Ln c F
a
j E-
a
,; co
a 0
O O
W.GHTM
o 0
O
oV)
"' z
°° Fn 000
Qm�
� N
� O!
U Z O
Z Q Z
c J
C� m
Z
Y
c
W (0 <Z
CL