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