2001 RES R-61-01 - Laserfiche WebLink

Browse Search

2 4 10 11 12 13 21 22 28 RESOLUTION NO. R-61-01 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON DECLARING ITS INTENT TO ENTER INTO A TAX-EXEMPT LEASE OBLIGATION TO BE USED TO REIMBURSE THE CITY FOR EXPENDITURES FOR A CITY FIRE TRUCK, THREE DUMP TRUCKS AND A SURVEY TRUCK WHEREAS, the City of Colton (the "City") acquired a triple combination fire engine on May 30, 2001, and intends to acquire three dump trucks and a survey truck (the "City Trucks") at an approximate cost of $458,626.09 (the "City Expenditure"); and WHEREAS, the City expects to enter into a tax-exempt lease (the "Lease Obligation") for the purpose of providing financing to reimburse the City for expenditures made for the City Trucks, prior to the date the Lease Obligation is entered into in a principal amount equal to the City Expenditure; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF COLTON, CALIFORNIA DOES FIND AND DECLARE THAT: Section 1. Declaration of Official Intent. The City hereby declares its official intent, subject to the further approval of this City Council, to use the proceeds of the Lease Obligation to reimburse itself for the City Expenditure for the City Trucks. It is intended that this Resolution shall constitute a declaration of "official intent" within the meaning of Section 1.150-2 of the Treasury Regulations promulgated under Section 150 of the Internal Revenue Code of 1986, as amended. Section 2. Other Approvals. The adoption of this Resolution shall not bind the City to proceed with the execution and delivery of the Lease Obligation until and unless all other necessary actions and approvals are taken or received in accordance with all applicable laws.