HomeMy WebLinkAboutPCDC Resolution 2006-18 10/02/2006RESOLUTION NO. 2006-18
PETALUANA CONiMUIVITY DEVELOPIVIEIVT COfViMISSION
RESOLUTION DECLARING THE OFFICIAL INTENT OF THE PETALUMA COMMUNITY
DEVELOPMENT COMMISSION TO REIMBURSE ITSELF FOR CERTAIN CAPITAL EXPENDITURES
FROM THE PROCEEDS OF INDEBTEDNESS
WHEREAS, the Petaluma Community Development Commission (the
"Commission") intends to provide for the acquisition, renovation and construction of certain
capital improvements related to the Commission's Petaluma Community Development and
Central Business District Project Areas, including, but not limited to, general street and road
repair and improvements (including street lights), improvements to underground utilities,
landscaping, depot improvements, and related improvements (the "Project"); and,
WHEREAS, the Commission expects to pay certain expenditures (the
"Reimbursement Expenditures") in connection with the Project prior to the issuance of
indebtedness for the purpose of financing costs associated with the Project on a long-term basis;
and.,.
WHEREAS, the Commission reasonably expects that debt obligations for the
Project in an amount not expected to exceed $25,000,000 will be issued and that certain of the
proceeds of such debt obligations will be used to reimburse the Reimbursement Expenditures;
and,
WHEREAS, proceeds of such debt obligations will be allocated to Reimbursement
Expenditures no later than 18 months after the later of (i) the date the cost is paid, or (ii) the date
the project is placed in service or abandoned (but in no event more tha,~ three years after the
cost is paid); and.,
WHEREAS, the Commission may issue debt obligations for the Project in
connection with obligations for other projects.
NOW, THEREFORE, BE IT RESOLVED by the Petaluma Community Development
Commission, as follows:
PCDC Resolution 2006-18 Page 1
Section 1. The foregoing recitals are true and correct and this Commission
hereby so finds and determines.
Section 2. This declaration is made solely for purposes of establishing
compliance with the requirements of Section 1.150-2 of the Treasury Regulations. This
declaration does not bind the Commission to make any expenditure, incur any indebtedness, or
proceed with the Project.
Section 3. The Commission hereby declares its official intent to use proceeds
of indebtedness to reimburse itself for Reimbursement Expenditures.
Section 4. This resolution shall take effect from and after its passage and
approval.
Adopted this 2nd day of October, 2006 by the following vote:
Commissioner Aye No Absent Abstain
Chair Glass X
Harris X
Healy X
Vice Chair Nau X
O'Brien X
Torliatt X
ATTEST:
Claire Cooper, Recording Secr Lary
_ -
>(
David Glass, Chair
APPROVED AS TO FORM:
~~
~^ ~ r
Eric W. Danly, General Counsel
PCDC Resolution 2006-18 Page 2