2004 RES R-152-04 - Laserfiche WebLink

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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 23 24 25 26 27 28 RESOLUTION NO. R-152-04 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON DECLARING INTENT TO REIMBURSE CAPITAL EXPENDITURES AND PRELIMINARY EXPENDITURES RELATING TO THE CONSTRUCTION OF WATER AND SEWER FACILITIES FOR PROPOSED COMMUNITY FACILITIES DISTRICT NO. 2004-01 FROM THE PROCEEDS OF THE SALE OF BONDS FOR PURPOSES OF SECTION 1.150-2 OF THE TREASURY REGULATIONS WHEREAS, the City Council (the "City Council") of the City of Colton (the "City") intends to finance the design, construction and acquisition of certain public water and sewer facilities (the "Facilities") for the benefit of certain property in the City through the formation of Community Facilities District No. 2004-01 of the City of Colton ("CFD No. 2004- 01) with the proceeds from the sale of bonds of CFD No.2004-01 (the "Bonds"); and WHEREAS, the City Council has determined that the City will advance approximately $2,000,000 for the design, construction and acquisition of portions of the Facilities with the intention that when the Bonds are issued and sold to finance the design, construction and acquisition of the Facilities, the City will be reimbursed the amounts advanced by it for the Facilities; and WHEREAS, pursuant to Section 1.150-2(d) of the Regulations of the United States Department of the Treasury (the "Regulations"), the City may reimburse the amounts advanced by the City for the Facilities if, not later than 60 days after the date of the first expenditure of the amounts advanced by the City, the City Council adopts an official intent to reimburse the expenditure of such advanced amounts and such reimbursement occurs not later than 18 months after the later of the date of payment of such expenditures or the date the Facilities are placed in service, but in no event more than three (3) years after the date of such expenditures; and WHEREAS, the City Council intends that the City shall be reimbursed the amounts advanced by the City for the Facilities from the proceeds of the sale of the Bonds; and WHEREAS, the City Council further intends that the City shall receive reimbursement from the proceeds of the sale of the Bonds for certain expenditures which have been made and will be made in connection with the design, acquisition and construction of the Facilities which are "preliminary expenditures" as defined in Section 1.150-2(f)(2) of the Regulations; BE IT NOW THEREFORE RESOLVED AS FOLLOWS: 1. The City Council declares that it is the intent of the City that the City will be reimbursed the amounts advanced by the City from the proceeds of the sale of the Bonds. The maximum principal amount of the Bonds which are expected to be issued for the payment of the costs of the design, construction and acquisition of the Facilities is $15,000,000. ORANGEUR\13687.1