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1 <br />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 />is <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />RESOLUTION NO. R-108-94 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON <br />DECLARING ITS INTENT TO REIMBURSE CERTAIN 1994-95 CAPITAL <br />IMPROVEMENT EXPENDITURES FROM PROCEEDS OF INDEBTEDNESS <br />WHEREAS, the City of Colton (the "Issuer") intends to acquire and/or construct <br />certain 1994-95 capital improvements, as described in Exhibit "A" (the "Project"); and <br />WHEREAS, the issuer expects to pay certain expenditures (the "Reimbursement <br />Expenditures") in connection with the Project prior to the issuance of indebtedness for <br />the purpose of financing costs associated with the Project on along -term basis; and <br />WHEREAS, the issuer reasonably expects that debt obligations in an amount not <br />expected to exceed $15 million will be issued and that certain of the proceeds of such <br />debt obligations will be used to reimburse the Reimbursement Expenditures. <br />NOW, THEREFORE, the City Council of the City of Colton does hereby <br />RESOLVE as follows: <br />Section 1: The foregoing recitals are true and correct. <br />Section 2: This declaration and Resolution are made solely for purposes of <br />establishing compliance with the requirements of Section 1.150-2 of the Treasury <br />Regulations. This declaration and Resolution do not bind the Issuer to make any <br />expenditure, incur any indebtedness, or proceed with the Project. <br />Section 3: The Issuer hereby declares its official intent to use proceeds of <br />indebtedness to reimburse itself for the Reimbursement Expenditures. <br />Section 4: This Resolution shall take effect immediately upon its adoption. <br />