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2 <br />3 <br />4 <br />5 <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 />that a portion of such proceeds shall be used to reimburse the City for the Reimbursable <br />Expenses; <br />NOW, THEREFORE, IT IS RESOLVED AND ORDERED by the City Council of the <br />City of Colton as follows: <br />Section 1. The City reasonably expects to reimburse itself for the reimbursable <br />expenses made by the City in anticipation of the issuance of the Bonds with proceeds from <br />the sale of the Bonds. The reimbursement of the expenditure is consistent with the City's <br />budgetary and financial circumstances. There are no funds or other sources of money of the <br />City, or any related person or controlled entity, that have been, or are reasonably expected to <br />be reserved, allocated on a long term basis or otherwise set aside to pay the costs of the <br />Improvements to be paid or reimbursed out of the proceeds of the Bonds. <br />Section 2. The maximum principal amount of the Bonds from which Reimbursable <br />Expenses are to be made is reasonably expected to be $7,000,000. The obligation to be <br />represented by the Bonds may instead be incurred by the City by means of the execution <br />and delivery of certificates of participation. <br />Section 3. The proceeds from the Bonds are to be used for the financing, <br />acquisition, design and/or construction of the Improvements, funding a reserve fund and <br />paying certain costs of issuance related thereto. <br />Section 4. This Resolution is adopted solely for purposes of establishing compliance <br />with the requirements of section 1.150-2 of the Treasury Regulations. This Resolution does <br />not bind the City to make any expenditure, incur any indebtedness or proceed with the <br />financing, acquisition or construction of the Improvements. All of the reimbursable expenses <br />covered by this Resolution were made not earlier than 60 days prior to the date of adoption <br />hereof. <br />Section 5. All actions heretofore taken by the officers, or their respective designees, <br />employees and agents of the City Council of the City in connection with the financing of the <br />Improvements are hereby ratified and confirmed. <br />Section 6. This Resolution shall take effect immediately upon its adoption. <br />PASSED, APPROVED and ADOPTED this day of 2001 <br />DEIRDRE H. BENNETT, Mayor <br />ATTEST: <br />CAROLINA P. BARRERA, City Clerk <br />