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2 <br />3 <br />4 <br />5 <br />s <br />7 <br />8 <br />9 <br />10 <br />li <br />12 <br />13 <br />14' <br />15 <br />16 <br />17 <br />18 <br />191 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />RESOLUTION NO. R-85-00 <br />RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />COLTON DECLARING ITS OFFICIAL INTENT TO REIMBURSE <br />CERTAIN EXPENDITURES FROM THE PROCEEDS OF BONDS <br />OR OTHER OBLIGATIONS <br />WHEREAS, the City of Colton (the "City") intends to acquire, construct and/or <br />improve various capital facilities (the "Capital Projects") situated within the boundaries of the <br />City in connection with the development of real property by East Valley Land Company, LLC <br />and Ashley Furniture Industries, Inc; and <br />WHEREAS, the City anticipates incurring certain expenditures (the <br />"Reimbursement Expenditures") in connection with the Capital Projects prior to the issuance <br />of indebtedness for the purpose of financing costs associated with the Capital Projects on a <br />long-term basis; and <br />WHEREAS, the City reasonably expects that debt or other obligations in an <br />amount not expected to exceed $6,000,000 will be issued and that certain of the proceeds of <br />such debt obligations will be used to reimburse the Reimbursement Expenditures; and <br />NOW, THEREFORE, the City Council of the City of Colton hereby finds, <br />determines and declares: <br />Section 1. The City finds that the forgoing recitals are true and correct. <br />Section 2. This Resolution is adopted solely for purposes of establishing <br />compliance with the requirements of Section 1.150-2 of the U.S. Treasury Regulations. This <br />Resolution does not bind the City to make any expenditure, incur any indebtedness, or <br />proceed with any of the Capital Projects. <br />Section 3. The City hereby declares its official intent to incur debt or other <br />obligations in an amount not to exceed $6,000,000 and to use a portion of the proceeds <br />thereof to reimburse itself for Reimbursement Expenditures. <br />********** <br />********** <br />1 <br />