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RESOLUTION NO. 5734
A RESOLUTION OF THE CITY OF ARCADIA, CALIFORNIA,
RESCINDING RESOLUTION NO. 5710, DECLARING INTENTION
TO REIMBURSE EXPENDITURES FROM THE PROCEEDS OF OBLIGATIONS
WHEREAS, City Council adopted Resolution 5710 to declare its
intention to use debt proceeds to pay the cost of construction for
certain specified capital projects; and
WlIEREAS, said declaration was made to comply with united
States Income Tax Regulations, section l.l03. 18 to reserve the
option to study the use of such funds as specified; and
WHEREAS, public misunderstanding of Resolution 5710 has been
evidenced to exist; and,
WHEREAS, the City Council does not wish to proceed to consider
any financing options under any cloud of misunderstanding;
NOW, THEREFORE, the city Council of the city of Arcadia does
find, determine, and resolves as follows:
SECTION 1.
That Resolution No. 5710 is hereby rescinded.
That this action is taken without prejudice to reenactment of a
comparable Resolution on an as needed basis.
SECTION 2.
THAT the city Clerk shall certify to the
adoption of this Resolution.
Passed, approved and adopted
\
Attest: ~'" ~Ail ~~
Cit erk of the ity of')l\rcadia
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) SS:
CITY OF ARCADIA )
I, JUNE D. ALFORD, City Clerk of the city of Arcadia, hereby
certify that the foregoing Resolution No. 5734 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 City Council held on the l5th day of June, 1993 and that said
Resolution was adopted by the following vote, to wit:
AYES: Councilmember Harbicht, Lojeski and Ciraulo
NOES: Councilmember Fasching and Margett
ABSENT: None
fjk'<' - ~ ~~~
cit rk of the ty of Arcadia
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5734