HomeMy WebLinkAboutResolution 00-182 N.C.S. 10/02/2000 1 Resolution No. 00-182 N.C.S.
2 of the City of Petaluma, California
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4 DECLARING INTENTION TO CONDUCT
5 SPECIAL ASSESSMENT PROCEEDINGS AND TO REIMBURSE
6' EXPENDITURES UNDER FEDERAL TAX RULES
7 Assessment District 2000-1 (McDowell/E. Washington)
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10 RESOLVED, by the City Council (the "Council") of the City of Petaluma (the "City"),
11 County of Sonoma, California:
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13 WHEREAS, the City proposes to consider the undertaking of a project consisting
14 generally of installing street, bicycle and pedestrian improvements and related traffic
15 improvements to the McDowell Avenue and East Washington Street intersection in the City (the.
16 "Project"), to issue tax-exempt bonds, notes or other debt instruments (the "Obligations") to
17 finance the Project and to use a portion of the proceeds of the Obligations to reimburse
18 expenditures made by the City for the Project before the issuance of the Obligations;
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20 WHEREAS, the City intends to consider the use of special assessment proceedings (the
21 "Assessment Proceedings") under the Municipal Improvement Act of 1913, Division 12 of the
22 California Streets and Highways Code (the "Act") and the Improvement Bond Act of 1915,
23 Division 10 of the California Streets and Highways Code (the "Bond Law") to secure such
24 financing;
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26 WHEREAS, United States Income Tax Regulations, Section 1.150.2 (the "Regulations")
27 provide generally that proceeds oftax-exempt debt are not deemed to be expended when such
28 proceeds are used for reimbursement of expenditures made prior to the date of issuance of such
29 debt unless certain procedures are followed, among which is a requirement that (with certain
30 exceptions), prior to the payment of any such expenditure, the issuer declare an intention to
31 reimburse such expenditure, the issuer declare an intention to reimburse such expenditure; and
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33 WHEREAS, it is in the public interest and for the public benefit that the City declare its
34 official intent to consider the conduct of the Assessment Proceedings, to appoint certain
35 consultants to assist the City in the Assessment Proceedings and to permit the City to reimburse
36 the expenditures referenced herein;
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38 NOW, THEREFORE, it is hereby DECLARED and ORDERED, as follows:
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40 1. Obligations. The City intends to consider the conduct of the Assessment
41 Proceedings under the Act and the Bond Law to issue Obligations, in the maximum principal
42 amount of approximately $300,000,000, within the meaning ofthe Regulations to finance all or a
43 portion of the costs of the Project. The appropriate officers and staff of the City are hereby
44 authorized and directed to prepare and file such documents, applications, certifications and other
45 instruments as may be necessary to commence the conduct of the Assessment Proceedings to
46 provide for the financing of a portion of the cost of the Project.
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2 2. Reimbursements. The Council hereby declares that the City reasonably expects
3 to use a portion of the proceeds of the Obligations for reimbursement of expenditures for the
4 Project that are paid before the date of issuance of the Obligations.
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6 3. Purposes. The adoption of this resolution shall be solely for the purposes of
7 evidencing the intention of this. Council to consider the undertaking of the Assessment
8 Proceedings under the Act and the Bond Law, complying with the provisions of the Regulations
9 and appointing certain consultants. The adoption of this resolution shall. not be deemed a final
10 approval of all or any part of the Project or a final commitment on the part of this Council to
11 complete the Assessment Proceedings, or to issue any or all of the Obligations under the Bond
12 Law or otherwise provide for financing.
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14 4. Effective. This resolution shall be effective from the date of its adoption by the
15 Council.
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42 Under the power and authority conferred upon this Council by the Charter of said City.
43 REFERENCE: I hereby certify the foregoing Resolution was inhoduced and adopted by the Approved as to
44 Council of the City of Petaluma at a Regular meeting on October 2, 2000 ; ""--fo
45 by the following vote: '
46 Ci Attorney
47 AYES: Healy, Cader-Thompson, Maguire, Hanulton, Vice Mayor Torliatt,
48 NOES: Mayor Thompson
49 ABSENT: `Keller
50 ATTEST: -I ~ ~
51 City Clerk M yor
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