HomeMy WebLinkAboutResolution 2003-094 N.C.S. 06/02/2003Resolution No. 2003-094N.C.S.
of the City of Petaluma, California
ADOPTING THE REIMBURSEMENT RESOLUTION
REQUIRED BY THE STATE WATER RESOURCES CONTROL BOARD
IN CONNECTION WITH THE CITY'S APPLICATION FOR THE
STATE REVOLVING FUND LOAN PROGRAM
TO FINANCE THE CONSTRUCTION OF THE
PHASE 1 RECYCLED WATER PIPELINE PRO.IECT
WHEREAS, the City of Petaluma (the "Agency") desires to finance the costs of
constructing the Phase 1 Recycled Water Pipeline Project (the "Project"); and,
WHEREAS, the Agency intends to finance the construction of the Project with moneys
("Project Funds") provided by the State of California, acting by and through the State Water
Resources Control Board (the "Board"); and,
WHEREAS, the Board may fund the Project Funds with proceeds from the sale of
obligations, the interest upon which is excluded from gross income for federal income tax
purposes (the "Obligations"), and,
WHEREAS, prior to either the issuance of the Obligations or the approval by the Board
of the Project Funds the Agency desires to incur certain capital expenditures (the
"Expenditures") with respect to the Project from available moneys of the Agency; and,
WHEREAS, the Agency has determined that those moneys to be advanced on and after
the date hereof to pay the Expenditures are available only for a temporary period and it is
necessary to reimburse the Agency for the Expenditures from the proceeds of the Obligations.
NOW, THEREFORE, THE AGENCY DOES HEREBY RESOLVE, ORDER AND
DETERMINE AS FOLLOWS:
SECTION 1. The Agency hereby states its intention and reasonably expects to reimburse
Expenditures paid prior to the issuance of the Obligations or the approval by the Board of
the Project Funds.
SECTION 2. The reasonably expected maximum principal amount of the Project Funds
is $7,500,000.
SECTION 3. This resolution is being adopted no later than 60 days after the date on
which the Agency will expend moneys for the portion of the Project costs to be
reimbursed with Project Funds.
SECTION 4. Each expenditure by the Agency will be a type properly chargeable to a
capital account under general federal income tax principles.
Resolution Nn. 2003-094 N.C.S.
SECTION 5. To the best of our knowledge, this Agency is not aware of the previous
adoption of official intents by the Agency that have been made as a matter of course for
the purpose of reimbursing expenditures and for which. tax-exempt obligations have not
been issued.
SECTION 6. This resolution is adopted as official intent of the Agency in order to
comply with Treasury Regulation § 1.1.50-2 and any other regulations of the Internal
Revenue Service relating to the qualification for reimbursement of Project costs..
SECTION 7. All the recitals in this resolution are true and correct and this Agency so
finds, determines and represents.
Under the power and. authority conferred upon this Council by the Charter of said City.
REFERENCE: Thereby certify the foregoing Resolution was introduced and adopted by the Approved as to
Council of the~dCity of Petaluma at a (Regular) (Adjourned) (Special meeting r
on the ........ ~ ............... day of .......June......................................., 20 ~~., by the
following vote: •••••••••• ••• •••••••••••••••••• •••
ity Attorney
AYES: Canevaro, Mayor Glass, Harris, Healy, Moynihan, Vice Mayor O'Brien, Torliatt
NOES: None
ABSENT: None
ATTEST: ................. .. ...........::...................................................... ... .~~ .. .....~. ... ...................................
City erk ayor
Council FiIC, .... ... .
Res. Nn...... L~~~-~~~.........N.C.S.