HomeMy WebLinkAboutReso 2013-080 - New REU Headquarters
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RESOLUTION NO. 2013-080
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
REDDING AUTHORIZING PRE-FINANCING ACTIVITY FOR
THE PURCHASE OF LAND AND BUILDING FOR A NEW
REDDING ELECTRIC UTILITY HEADQUARTERS AND
DECLARATION OF INTENT TO REIMBURSE CERT AIN
EXPENDITURES FROM PROCEEDS OF INDEBTEDNESS
WHEREAS, the City Council (Council) has approved a relocation of the Redding Police
Department to City Hall, necessitating Redding Electric Utility to move out of City Hall; and
WHEREAS, , the City of Redding (City) intends to purchase a building and adjacent land
for a new Headquarters; and
WHEREAS, the City expects to pay certain expenditures (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; and
WHEREAS, the City reasonably expects that debt obligations in an amount not expected
to exceed $10.9 million will be issued and that certain of the proceeds of such debt obligations
will be used to reimburse the Reimbursement Expenditures and hereby declares its intent to issue
tax-exempt bonds for the purpose of making such reimbursement; 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 that:
1. The foregoing recitals are true and correct;
2.
The Council of the City of Redding hereby authorizes the City Manager and/or the
Electric Utility Director and his staff to proceed with the process to purchase and outfit
property located at 3611 A vtech Parkway. Amount of said project to be debt financed
not to exceed $10.9 million.
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I HEREBY CERTIFY that the foregoing resolution was introduced, read, and adopted
at a regular meeting of the Council on the 20th day of August, 2013, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
McArthur, Sullivan, & Bosetti
Cadd and Jones
None
None
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RICK BOSETTI, Mayor
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FORM APPROVED:
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PA:iy1ELA l~l~E"City
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