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1 RESOLUTION NO. R-28-00 <br />2 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />COLTON DECLARING ITS INTENT TO ISSUE TAX - <br />3 EXEMPT OBLIGATIONS TO BE USED TO REIMBURSE <br />THE CITY FOR EXPENDITURES PRIOR TO THE ISSUANCE <br />4 OF SUCH TAX-EXEMPT OBLIGATIONS <br />5 <br />6 WHEREAS, the City of Colton (the "City") desires and intends to finance the acquisition and <br />7 construction of improvements to the City's Wastewater System (the "Project"); and <br />8 WHEREAS, the City expects to cause the issuance of tax-exempt obligations for the purpose <br />9 of providing financing for the Project in a principal amount of approximately $3,500,000 (the <br />10 "Obligations"); and <br />11 WHEREAS, the City intends to incur certain expenditures for a portion of the Project and <br />12 expects to incur certain other expenditures relating to the Project and to pay for such expenditures <br />13 from the City's moneys on hand prior to the execution of the Obligations (the "Reimbursement <br />14 Expenditures"); and <br />15 WHEREAS, the City reasonably expects to use a portion of the proceeds of the Obligations <br />16 to reimburse the City for expenditures made prior to the date the Obligations are entered into,- <br />17 <br />nto;17 NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED by the <br />18 City Council of the City of Colton as follows: <br />19 Section 1. Declaration of Official Intent. The City hereby declares its official intent, subject <br />20 to the further approval of this City Council, to use approximately $375001000 of the proceeds of the <br />21 Obligations to reimburse itself for the Reimbursement Expenditures. It is intended that this <br />22 Resolution shall constitute a declaration of "official intent" within the meaning of Section 1. 150-2 <br />23 of the Treasury Regulations promulgated under Section 150 of the Internal Revenue Code of 1986, <br />24 as amended. <br />25 <br />26 <br />27 <br />28 <br />1 of 2 <br />