HomeMy WebLinkAboutReso 2022-040 - Declaring the official intent of the City of Redding to reimburse itself for certain capital expenditures RESOLUTION NO. 2022-040
A RESOLUTION OF THE CITY C(�UNCIL OF THE CITY OF REDDING
DECLARING THE OFFICIAL INTENT OF THE CITY OF REDDING TO
REIMBURSE ITSELF FOR CERTAIN CAPITAL EXPTNDITUI2ES FROM
THE PROCEEDS OF INDEBTEDN�SS
WHEREAS, the City of Reddin� (the "City") intends to finance the design, acquisition,
construction, and equipping of improvements to ncw and existing fire stations in the City of
Reddin� (collectively, the "Project"); and
WHEREAS, the City expects to pay certain capital expenditures (the "Reimbursement
Expenditures")in connection with the Proj ect prior to the issuance of indebtedness fc�r the purpose
of financing the costs associated wi�h the Project on a long-term basis; and
WHEREAS, the City reasonably expects that debt obligations, in one or more series, in a total
amount not expccted to exceed $25 million, will be issued from time to time for the purpose of
financing costs of thc Project on a long-term basis and that certain of the proceeds of such debt
obligations will be used to reimburse the City for 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 procecds of a
subsequent borrowing;
NOW, THEREFORF, BE IT RESOLVED BY THE CITY COU�CIL OF THE CITY OF
REDDING, AS FOLLOWS:
Section l. The City Council of the City of Rcdding �nds and determines that the
forego�ing recitals are true and correct.
Section 2. This resolution is adopted 1�y the City Council of the City of Redding solely
for purposes of establishing compliance with the requirements of Sect�on 1.150-2 of the Treasury
Regulations, and does not bind the City to make any expenditure, incur any indebtedness, or
proceed with the Project.
Section 3. The City Council of the City of Redding hcreby declares the City's official
intent to use proceeds of indebtedness to reimburse the City for the Reimbursement Expenditures.
Seetion 4. This resolution shall take �ffect from and after i�s adoption.
��
�
�
��
„;°"�
�
�
4150-9627-70451 °"'��
I HEREBY CERTIFY that the foregoing resolution was introduced at a regular meeting of the
City Council of the City o�Redding on the 19th day of April, 2022, and was duly adopted at said
meeting by the following vote:
AYI;S: Council Members: Dacquisto, Mezzano, Resner, Winter, and Schreder
NOES: Council Members: None
ABS'�AIN: Council Members: None
ABSENT: Council Members: None
...;i��,�� �� ���"�°W�
KR�STEN C REDER, Mayor
ATTEST� APPROVED AS TO FORIVI:
�� ��m � �,�!,.� ���"��� � �.� „� �' �� ,� ��""� „� '�
A1t�ELA MIZE C��y (ler-lc B �
A��.���^��* � ,
� ARI2Y E. De A , City A torney
4150-9627-7045.]