HomeMy WebLinkAboutResolution 96-300 10/21/1996RESOLUTION NO. 96-300 N.C.S.
of the City of Petaluma, California
1 RESOLUTION OF INTENTION TO FINANCE
2 CERTAIN POLICE EQUIPMENT FOR FISCAL YEAR 1996-97
3
5 WHEREAS, it is the intent of the City of Petaluma, (the "Lessee") to purchase certain
6 Police equipment approved in the FY 96-97 budget, as adopted and amended; and
8 WHEREAS, the Lessee expects to pay certain capital expenditures in connection with the
9 equipment acquisitions prior to its receipt of lease proceeds for such expenditures; and
10
11 WHEREAS, the Lessee reasonably expects it will make expenditures with respect to the
12 project in an amount not reasonably expected to exceed $140,000 for which the Lessee expects to enter into
13 a lease purchase with a leasing firm to be selected; and
14
15 WHEREAS, Treasury Departrnent and Internal Revenue Service regulations do not allow
16 the proceeds of atax-exempt borrowing to be spent on working capital.
17
I8 NOW, THEREFORE BE IT RESOLVED by the City Council of the City of Petaluma as
19 follows:
20
21 Section 1. The City Council finds and determines that the foregoing recitals are true and
22 correct.
23
24 Section 2. This resolution is adopted by the City Council solely for purposes of
25 establishing compliance with the requirements of Section 1.148-4 of Treasury regulations. This resolution
26 does not bind the Lessee to make any expenditure, incur any indebtedness, or proceed with the equipment
27 acquisitions.
28
29 Section 3. The City Council expects to pay certain capital expenditures to acquire
30 equipment prior to the receipt of lease proceeds for the project.
3l
32 Section 4. The City Council hereby declares the Lessee's official intent to use proceeds of
33 the FY 1996-97 equipment leases to reimburse itself for future equipment expenditures.
34
35 Section 5. This resolution shall take effect from and aRer its adoption.
Under the power and authority conferred upon Ibis Council by the Charter of said City.
REFERENCE: I hemby certify the foregoing Resolution wee introduced and adopted by the Approved as to
Council of the City of Petaluma at a (Regular) (9cd~ttet>RO€dk$S~ssiel~ meeting form~p'
on the ...21st ............. day of .........QctobeC..._...:.............:........., 19...8G by the ~ '~ /~.._
following vote: ....._..:.- .................'----.........
City Attorney
AYES: Maguire, Hamilton, Read, Vice Mayor Stomps, Mayor Hilligoss
NOES: None
Barlas ~
ABSENT: ,~~~~~~e
ATTEST: ...........1!..Cil,!,< ..... .. ... .... .... .... ....... ............
ity Cierk
CA !0 e5
Cowcil Faa..____._..-._..
Aes No....._.._y.6-.3.Q(l.. NC.S.