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14 <br />15 <br />16 <br />117 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 1 <br />24 <br />25 <br />26 <br />27 <br />28 <br />0 <br />RESOLUTION NO. <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON <br />REGARDING ITS INTENTION TO ISSUE TAX-EXEMPT OBLIGATIONS <br />WHEREAS, The City of Colton (the "Issuer") desires to finance the costs of <br />acquiring certain equipment items, as provided in Exhibit A attached hereto and <br />incorporated herein (the "Equipment Listing"); <br />WHEREAS, the Issuer intends to finance the acquisition of the Equipment Listing <br />or portions of the Equipment Listing with the proceeds of the sale of obligations the <br />interest upon which is excluded from gross income for federal income tax purposes (the <br />"Obligations"); and <br />WHEREAS, prior to the issuance of the Obligations the Issuer desires to incur <br />certain expenditures with respect to the equipment items listed from available monies of <br />the Issuer which expenditures are desired to be reimbursed by the Issuer from a portion <br />of the proceeds of the sale of the Obligations; <br />NOW, THEREFORE, the City of Colton DOES HEREBYRESOLVE, ORDER AND <br />DETERMINE AS FOLLOWS: <br />SECTION 1. The Issuer hereby states its intention and reasonably expects to <br />reimburse equipment purchase costs incurred prior to the issuance of the Obligations with <br />proceeds of the Obligations. Exhibit A describes the general character, type, purpose, <br />and function of the listed capital outlay items to be used exclusively for governmental use. <br />SECTION 2. The reasonably expected maximum principal amount of the <br />Obligations is $2.000.000. <br />SECTION 3. This resolution is being adopted , on or prior to the date (the <br />"Expenditures Date or Dates ") that the Issuer will expend monies for the portion of the <br />