HomeMy WebLinkAboutReso 2005-067 - Reimburse Certain Expenditures
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RESOLUTION NO. 2005-67
RESOLUTION OF OFFICIAL INTENT TO
REIMBURSE CERTAIN EXPENDITURES
FROM lPROCEEDS OF INDEBTEDNESS
WHEREAS, the City of Redding (the "City") intends to plan, develop, acquire land, and
construct public infrastructure, various facilities, and improvements relating to a business park (the
"Project");
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 $ 30,000,000 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 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.
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I HEREBY CERTIFY that the foregoing resolution was introduced, read, and adopted at
a regular meeting of the City Council on the 7th day of June 2005, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
COUNCIL MEMBElRS:
COUNCIL MEMBElRS:
COUNCIL MEMBElRS:
COUNCIL MEMBElRS:
Dickerson, Murray, Pohlmeyer, Stegall, and Mathena
None
None
None
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Attest:', :. .'-' -
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Form Approved:
, ity Clerk
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RICHARD A. DUVERNAY, C.
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