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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 M3 RESOLUTION NO. CPFA 2002-2 RESOLUTION OF THE COLTON PUBLIC FINANCING AUTHORITY DECLARING ITS INTENTION TO REIMBURSE CERTAIN EXPENDITURES FROM THE PROCEEDS OF A PROPOSED TAX-EXEMPT FINANCING, AS REQUIRED BY UNITED STATES DEPARTMENT OF TREASURY REGULATIONS SECTION 1.150-2 WHEREAS, the Colton Public Financing Authority (the "Authority") is contemplating the issuance of tax-exempt obligations (the "Bonds") to fund certain improvements to the City of Colton (the "City") electric system, including the financing, design, installation, construction and/or acquisition of a simple cycle electric power generation facility, that the City expects will be approximately 43 MW in capacity and will be located on or near Agwa Mansa Road in the southwestern portion of the City (the "Project"); and WHEREAS, Project expenditures will occur prior to the date of issuance of the Bonds (the "Reimbursable Expenditures"); and WHEREAS, section 1.150-2 of the Treasury Regulations (the "Treasury Regulations") promulgated under the Internal Revenue Code of 1986, as amended, requires that in order that an allocation of proceeds of the Bonds to an expenditure paid prior to the issuance of the Bonds be respected by the Internal Revenue Service, the Authority generally must no later than 60 days following such payment have declared its reasonable official intent to reimburse for such payment out of proceeds of the Bonds; and WHEREAS, the Authority desires to facilitate the allocation of proceeds of the Bonds to the reimbursement for payment of all or a portion of the Reimbursable Expenditures for the Project. NOW, THEREFORE, THE BOARD OF DIRECTORS OF THE COLTON PUBLIC FINANCING AUTHORITY DOES HEREBY RESOLVE AS FOLLOWS: Section 1. The foregoing recitals are true and correct. 1412177.1 (CPFA)