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HomeMy WebLinkAbout5734 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 That Resolution No. 5710 is hereby rescinded.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 -2- 5734