HomeMy WebLinkAboutPCDC Resolution 99-11 10/18/1999
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REOLUTION NO. 99-11
RESOLUTION OF THE PETALUMA COMMUNITY DEVELOPMENT COMMISSION
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 its 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 Commission 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 Commission is authorized to incur or issue debt obligations to finance
costs of the Redevelopment Projects;
WHEREAS, the Commission 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
Commission 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 Community Development
Commission as follows:
Section 1. The Commission finds and determines that the foregoing recitals are true and
correct.
Section 2. It is the purpose and intent of the Petaluma Community Development
Commission that this resolution constitute official action toward compliance with the
requirements of Sections 1.103-8(a)(5) and 1.150-2 of the Treasury Regulations. This resolution
does not bind the Commission 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
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indebtedness for the Projects. The reimbursement of such expenditures is consistent with the
Commission's established budgetary and financial circumstances. There are no funds or sources
of monies of the. Commission, or any related person or commonly controlled entity, that have
been, or reasonably are expected to be, reserved, allocated on a long-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 Commission hereby declares its official 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 Commission to
express such intentions.
Section 6. This resolution shall take effect from and after its adoption.
Adopted this 18th day of October, 1999 by the following vote:
Commissioner Aye No Absent
Healy
Torliatt X
Cader- X
Thompson
Hamilton X
Maguire
Vice X
Chairman
Keller
Chairman X
Thompson
- ~.E: Clark- ho Chairman
i
APPROVED aA~- O F RM:
Beverly Kl' e
Recording Secretary _
City torney
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