HomeMy WebLinkAboutReso 2023-078 - Declaring intent of the COR to reimburse itself for certain capital expenditures from the proceeds of indebitednessRESOLUTION NO. 2023-078
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING
DECLARING THE OFFICIAL INTENT OF THE CITY OF REDDING TO
REIMBURSE ITSELF FOR CERTAIN CAPITAL EXPENDITURES FROM
THE PROCEEDS OF INDEBTEDNESS
WHEREAS, the City of Redding (the "City") intends to finance the design, acquisition,
construction, and/or equipping of the projects listed on Exhibit A attached hereto (collectively, the
"Project"); and
WHEREAS, the City expects to pay certain capital expenditures (the "Reimbursement
Expenditures") in connection with the Project prior to the issuance of indebtedness for the purpose
of financing the costs associated with 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 expected to exceed $65 million, will be issued from time to time for the purpose
of financing costs of the 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 proceeds of a
subsequent borrowing;
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 adopted by the City Council of the City of Redding solely
for purposes of establishing compliance with the requirements of Section 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 hereby declares the City's official
intent to use proceeds of indebtedness to reimburse the City for the Reimbursement Expenditures.
Section 4. This Resolution shall take effect from and after its adoption.
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I HEREBY CERTIFY that the foregoing resolution was introduced and adopted at a
regular meeting of the City Council of the City of Redding on the 15th day of August, 2023, by the
following vote:
AYES: COUNCIL MEMBERS: - Audette, Mezzano, Munns, Winter, and Dacquisto
NOES: COUNCIL MEMBERS: - None
ABSENT: COUNCIL MEMBERS: - None
ABSTAIN: COUNCIL MEMBERS: - None
'.,—
MICHAELDA QUI TO, Mayor
ATTEST: FORM APPROVED:
HARLENE TIPTONOTO
, City Clerk
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BARRY E. WALT, City Attorney
EXHIBIT A
PROJECT LIST
CAPITAL PROJECTS
Power Plant Cathodic Protection Installation
Power Plant Admin Building
Power Plant Whiskeytown Relicensing
Overhead/Underground Infrastructure
Covered Parking / Corp Yard
Fault Indicator Refresh
Fast Reclosers TI/T2/T3 Boundaries
Substation Security
Substation Circuit Switchers
Inter -Sub Fiber Project / Phase 2
VoltNar Optimization
RMI Metering Project/ Phase 2
GENERAL SYSTEM IMPROVEMENTS
Land Acquisition
Station Equipment & Controls
Poles -Towers -Fixtures
Overhead Conductors & Devices
Overhead Services
Underground Conduits
Underground Conductors & Devices
Underground Services
Transformers
Meters
Street Lighting
Interconnections
New Extensions
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