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RESOLUTION NO. 5710
A RESOLUTION OF THE CITY OF ARCADIA,
INTENTION TO REIMBURSE EXPENDITURES
OBLIGATIONS TO BE ISSUED BY THE CITY AND
CALIFORNIA, DECLARING
FROM THE PROCEEDS OF
DIRECTING CERTAIN ACTIONS
WHEREAS, the city proposes to undertake the projects
referenced below, to issue debt for such projects and to use a
portion of the proceeds of such debt to reimburse expenditures made
for the projects prior to the issuance of the debt;
WHEREAS, united States Income Tax Regulations section 1.103-18
provides generally that proceeds of tax-exempt debt are not deemed
to be expended when such proceeds are used for reimbursement of
expenditures made prior to the date of issuance of such debt unless
certain procedures are followed, among which is a requirement that
(with certain exceptions), prior to the payment of any such
expenditure, the issuer must declare an intention to reimburse such
expenditure; and
WHEREAS, it is in the public interest and for the public
benefit that the city declare its official intent to reimburse the
expenditures referenced herein;
NOW, THEREFORE, the City Council of the city of Arcadia does
find, determine, and resolve, as follows:
SECTION 1.
The City intends to issue obligations in a maximum
principal amount of $11,000,000 (the obligations") for the purpose
of paying the cost of construction of Fire station No.2, expansion
of the Library and construction of a public parking lot in
conjunction with expansion of the mall.
SECTION 2.
The City hereby declares that it reasonably expects
to use a portion of the proceeds of the Obligations for
reimbursement of expenditures for the Project that are paid before
RESOLUTION NO. 5734 RESCINDS RESOLUTION NO. 5710
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the date of issuance of the Obligations.
SECTION 3.
The foregoing declaration is consistent with the
budgetary and financial circumstances of the city in that there are
no funds (other than proceeds of the Obligations) that are
reasonably expected to be (i) reserved, (ii) allocated or (iii)
otherwise set aside, by or on behalf of the city or any entity
controlled by the city, for the expenditures for the Project that
are expected to be reimbursed from the proceeds of the Obligations.
SECTION 4.
Within not more than thirty (30) days following the
date of adoption of this Resolution, the city Clerk is directed to
make this Resolution available to the public at the customary
location of public records of the city. The City Clerk is hereby
further directed to assure such public availability until the date
of issuance of the Obligations.
SECTION 5.
This resolution is a declaration of official intent
under Income Tax Regulations section 1.103-18.
SECTION 6.
THAT the city Clerk shall certify to the adoption of
this Resolution.
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Passed, approved
ATTEST:
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STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES
CITY OF ARCADIA
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SS:
I, JUNE D. ALFORD, city Clerk of the City of Arcadia, hereby
certify that the foregoing Resolution No. 5710 was passed and
adopted by the city Council of the city of Arcadia, signed by the
Mayor and attested to by the City Clerk at a regular meeting of
said Council held on the 5th day of January 1993 and that said
Resolution was adopted by the following vote, to wit:
AYES: Councilmember Ciraulof Lojeski, Margett and Fasching
NOES: Councilmember Harbicht
ABSENT: None
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