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1 <br />2 <br />3 <br />4 <br />51 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />RESOLUTION NO. R_i i 7_ni <br />RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON, <br />CALIFORNIA DECLARING ITS INTENTION TO REIMBURSE CERTAIN <br />EXPENDITURES FROM PROPOSED TAX EXEMPT FINANCING AS <br />REQUIRED BY UNITED STATES DEPARTMENT OF TREASURY <br />REGULATIONS SECTION 1.150-2 <br />WHEREAS, the City of Colton (the "City") has determined it is necessary for the <br />health, safety and welfare of the residents of the City, and in their best interests, that the City <br />provide for the acquisition, construction, delivery, design, installation, furnishing and <br />equipping of certain capital facilities on certain real property currently owned by and located <br />within the City, consisting of a public sports facility and appurtenant structures and facilities <br />(together, the "Improvements"); and <br />WHEREAS, the City has determined that in order to finance the Improvements it is <br />necessary and desirable for the City to issue its tax-exempt revenue bonds (the "Bonds") and <br />to use the proceeds thereof for the purchase or lease of the Improvements; and <br />WHEREAS, the City proposes to undertake the design, acquisition, construction, <br />delivery and installation of the Improvements, a portion of the cost of which will be expended <br />prior to the issuance of the Bonds by the City; and <br />WHEREAS, the City has incurred, or may incur, certain expenses with respect to the <br />Improvements which, pursuant to Section 1.150-2 of the regulations (the "Treasury <br />Regulations") promulgated under the Internal Revenue Code of 1986, as amended (the "Tax <br />Code") may be reimbursed out of proceeds of the Bonds (the "Reimbursable Expenses"); <br />and <br />WHEREAS, Section 1.150-2 of the Treasury Regulations promulgated under the Tax <br />Code requires the City to declare its reasonable official intent to reimburse the reimbursable <br />expenses from the proceeds of the Bonds which the City reasonably expects will be issued <br />to finance the costs of the Improvements incurred prior to the date of issuance thereof and <br />