HomeMy WebLinkAboutResolution 00-035 N.C.S. 02/22/2000
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Resolution No. 00-3~ N.C.S.
2 of the City of Petaluma, California
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4 DECLARING ITS OFFICIAL INTENT TO REIMBURSE CERTAIN CAPITAL
5 EXPENDITURES RELATING TO THE CITY'S WASTEWATER SYSTEM FROM
6 PROCEEDS OF INDEBTEDNESS
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i o WHEREAS, the City intends to undertake certain improvements to its water
11 pollution control system, including the Disinfection Facility Upgrade Project, Lindberg Lane
12 Sewer Main Replacement, and Pond Influent Pump Station Upgrade Project, and possible
13 property acquisition ("the Wastewater Projects");
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l5 WHEREAS, the City expects to pay or cause to be paid certain capital
16 expenditures in connection with the Wastewater Projects prior to the issuance of taxable or
1 ~ tax-exempt indebtedness to be used to finance such expenditures;
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19 WHEREAS, the City is authorized to incur or issue debt obligations to finance
20 costs of the Wastewater Projects;
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22 WHEREAS, the City anticipates i~t will 'issue debt obligations in an amount not
23 reasonably expected to exceed $10,000,000 for the purpose of financing costs of the Wastewater
24 Projects on a long-term basis; and
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26 WHEREAS, section 1.103-18 and 1.150-2 of the Treasury Regulations requires
27 the City to declare its reasonable official intent to reimburse prior expenditures for the
28 Wastewater Projects with proceeds of a borrowing;
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30 NOW, THEREFORE, BE IT RESOLVED by the Petaluma City Council as
31 follows:
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33 Section 1. The City finds and determines that the foregoing recitals are true and
34 correct.
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36 Section 2. It . is the purpose and intent of the City Council that this resolution
37 constitutes official action toward compliance with the requirements of Sections 1.103-8(a)(5)
38 and 1.150-2 of the Treasury Regulations. This Resolution does not bind the City to make any
39 expenditure, incur any indebtedness, or proceed with the Wastewater Projects.
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41 Section 3. The City Council expects that it will pay certain capital expenditures in
42 connection with the Wastewater Projects prior to the issuance of indebtedness for the Projects.
43 The reimbursement of such expenditures is consistent with the City Council's established
44 budgetary and financial circumstances. There are no funds or sources of moneys of the City, or
45 any related person or commonly controlled entity, that have been, or reasonably are expected to
R~am~~o~xa. 00-3 F_x.cs. Page 1 of 2
1 be, reserved, allocated on a long-term basis, or otherwise set aside to pay any costs of the
2 Wastewater Projects which are to be paid or reimbursed out of proceeds of indebtedness to be
3 issued for the Wastewater Projects.
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5 Section 4. The City Council hereby declares its official intent to use proceeds of
6 indebtedness to reimburse future expenditures for the Wastewater Projects.
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8 Section 5. This Resolution is in addition to any .prior actions taken by the City
9 Council to express such intentions.
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1 ] Section 6. This Resolution shall take effect from and after its adoption.
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Under the power and authority conferred upon this Council by the Charter of said City.
REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted by the App form as to
Council of the City of Petaluma at a (Regular) (~jp~>) meeting
on the ....2.~nd........... day of .........EellCltary,..2L10.Q BS......., by the
following vote:
ity ttorney
AYES: Healy, Cader-Thompson, Keller, Hamilton, Maguire, Vice Mayor Torliatt, Mayor Thompson
NOES: None
ABSENT: None
ATTEST :
Cit - g~-~-----g _Q_~_ Mayor
~I Y I ~L~~3i GbimcilFile..........._......._
CA {085 Res. No...... ~.~.-53..~L........... N.C.S.