HomeMy WebLinkAboutResolution 99-203 N.C.S. 10/18/1999 Resolution No. 99-203 N.C.S.
of the City of Petaluma, California
lJ
RESOLUTION OF THE PETALUMA CITY COUNCIL
DECLARING ITS OFFICIAL INTENT TO REIMBURSE
CERTAIN CAPITAL EXPENDITURES RELATING TO THE
PAYRAN REACH PROJECT AND REDEVELOPMENT
PROJECTS FROM PROCEEDS OF INDEBTEDNESS
WHEREAS, the City of Petaluma (the "City"), through it Community Development
Commission ("the Commission") intends to undertake certain redevelopment projects, namely to
(1) undertake certain public flood control improvements (the Petaluma River Payran Reach Flood.
Control Improvements); (2) undertake certain improvements along the Petaluma River, including
trail enhancements and other pedestrian improvements; (3) and implement the Corona Reach and
Central Petaluma Specific Plans ("the' Redevelopment Projects");
WHEREAS, the City expects to pay or cause to be paid certain capital expenditures
in connection with the Redevelopment Projects prior to the issuance of taxable or tax-exempt
indebtedness to be used to finance such expenditures;
WHEREAS, the City is authorized to incur or issue debt obligations to finance costs
of the Redevelopment Projects;
WHEREAS, the City anticipates it will issue debt obligations in an amount not
reasonably expected to exceed $10,000,000 for the purpose of financing costs of the Redevelopment
Projects on a long-term basis;
WHEREAS, section 1.103-18 and 1.150-2 of the Treasury Regulations requires the
_ City to declare its reasonable official intent to reimburse prior expenditures for the Redevelopment
Projects with proceeds of a borrowing;
NOW, THEREFORE, BE IT RESOLVED by the Petaluma City Council as follows:
Section 1. The City finds and determines that the. foregoing recitals are true and
correct.
Section 2. It is the purpose and intent of the City Council that this resolution
constitute official action toward compliance with the requirements of Sections 1.103-8(a)(5)
x«oi~t~onxo. 99-?03 x.c.s. Page 1 of 2
and 1.150-2 of the Treasilry Regulations. This Resolution does not bind the City to make any
expenditure, incur any indebtedness, or proceed with the Redevelopment Projects or the Wastewater
Projects.
Section 3. The City Council expects that it will pay certain capital expenditures in
connection with the Redevelopment Projects and the Wastewater Projects prior to the issuance of
indebtedness for the Projects. The reimbursement of such expenditures is consistent with the City
Council's established budgetary and financial circumstances. There are no funds or sources of
moneys of the City, or any related person or commonly controlled entity, that have been, or
reasonably are expected to be, reserved, allocated on along-term basis, or otherwise set aside to pay
any costs of the Projects which are to be paid or reimbursed out of proceeds of indebtedness to be
issued for the Projects.
Section 4. The City Council hereby declares its oflicial intent to use proceeds of
indebtedness to reimburse future expenditures for the Redevelopment Projects and the Wastewater
Projects.
Section 5. This Resolution is in addition to any prior actions taken by the City
Council to express such intentions.
Section 6. This Resolution shall take effect from and after its adoption.
Under the power afld authority conferred upon this Council by the Charter of said City.
REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted by the ;Approved as to
Council of the City of Petaluma at a (Regular) (1~~~3~t~) meeting rm
on the ..-.).$xll....-._..... day of .........Q~~.ok1~T:......-• 19...~.~, by the
following vote:
it ttor
AYES: Healy, Torliatt, Cader-Thompson, Hamilton, Maguire, Vice Mayor Keller, Mayor Thompson
NOES: None
ABSENT: None 1
ATTEST:
City Clerk ~ Mayor
Couacil File
cn w-HS ~~„5. N,,..:.._ 99_-20.3....... N.cs. Page 2 of 2