HomeMy WebLinkAboutReso 2004-128 - Reimburse Certain expenditures
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RESOLUTION NO. 2004-128
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING DEClLARING ITS
OFFICIAL INTENT TO lU:IMBURSE CERTAIN EXPENDITURES FROM PROCEEDS OF
INDEBTNESS
WHEREAS, the City of Redding (the "City") intends to acquire and improve
various recreation the development of a multi-field addition to the Sports Complex as well as other
recreation facilities (the "Project");
WHEREAS, the City expects to pay certain expenditures (the "Reimbursement
Expenditures") from park funds 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 $ 10,000,000 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 (26CFR 1.150-2) 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 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 Reimbursement Expenditures.
Section 4. This resolution shall take effect from and after its adoption.
NOW, THEREFORE, IT IS HEREBY RESOLVED by the City Council that the City
reimburse certain recreation facilities expenditures from the proceeds of indebtness.
I HEREBY CERTIFY that the foregoing Resolution was introduced, read, and adopted at a
special meeting of the City Coundl of the City of Redding on the 3rd day of August, 2004, by the
following vote:
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AYES:
NOES:
ABSENT:
ABSTAIN:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
Cibula, Kight, Mathena, Stegall, and Pohlmeyer
None
None
No
Jo,
FORM APPROVED:
LYNETTE M. FREDIANI,
Interim City Attorney
ATTEST:
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CONNIE STROHMAY
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ity Clerk
By: ~)/~
BARRY E. DEW AL T, Assistant City Attorney
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