Laserfiche WebLink
1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />1 <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-94-13 <br />RESOLUTION OF THE CITY OF COLTON DECLARING <br />ITS INTENT TO USE TAX EXEMPT FINANCING TO <br />REIMBURSE THE CITY FOR EXPENDITURES MADE <br />PRIOR TO THE ISSUANCE OF SUCH TAX EXEMPT <br />FINANCING <br />WHEREAS, the City of Colton (the "City") desires and intends to finance certain capital <br />improvements to the City's municipal water system in furtherance of its municipal purposes (the <br />"Project"); and <br />WHEREAS, the City expects to cause the execution, delivery and sale of tax exempt <br />obligations such as lease finance, for the purpose of providing financing for a portion of the <br />Project in a principal amount of approximately $2,000,000 (the "Obligations"); and <br />WHEREAS, the City expects to incur certain expenditures relating to the Project and to <br />pay for such expenditures from the City's funds on hand prior to the execution of the Obligations <br />("Reimbursement Expenditures"); and <br />WHEREAS, the City reasonably expects to use a portion of the proceeds of the <br />Obligations to reimburse the City for expenditures made prior to the date the Obligations are <br />entered into. <br />NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF COLTON <br />DOES HEREBY RESOLVE AS FOLLOWS: <br />SECTION 1: Declaration of Official Intent. The City hereby declares its official intent, <br />subject to the further approval of this Council, to use up to $2,000,000 of the proceeds of the <br />Obligations to reimburse itself for the Reimbursement Expenditures. It is intended that this <br />Resolution shall constitute a declaration of `official intent" within the meaning of Section 1.150-2 <br />of the Treasury Regulations promulgated under Section 150 of the Internal Revenue Code of 1986, <br />as amended. <br />SECTION 2: Other Approvals. The adoption of this Resolution shall not bind the City to <br />proceed with execution and delivery of the Obligations until and unless all other necessary actions <br />and approvals are taken or received in accordance with all applicable laws. <br />23152.08100\8361061.1 <br />