HomeMy WebLinkAboutResolution 95-299 11/20/1995 1~S®L,~TTI®N N®. 95_~~g N.C.S.
of the City ®f Petala, Calif®a
1 RESOLUTION OF INTENTION TO FINANCE
2 CERTAIN EQUIPMENT FOR FISCAL YEAR 1995-96
3
4 Declaration of official intent of the City of Petaluma to be reimbursed certain capital equipment
5 expenditures from proceeds of FY 95-96 equipment lease.
6
7 WHEREAS, the City of Petaluma, (the "Lessee") intends to purchase equipment listed in
8 the FY 95-96 budget, as adopted and amended, for various funds; and
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10 WHEREAS, the Lessee expects to pay certain capital expenditures in connection vaith the
11 project prior to its receipt of lease proceeds for such expenditures; and
12
13 WHEREAS, the Lessee reasonably expects it will make expenditures with respect to the
14 project in an amount not reasonably expected to exceed $882,900 for which the Lessee expects to enter into
15 a lease purchase with a leasing firm to be selected; and
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17 WHEREAS, Treasury Department and InternaLRevenue Service regulations do not allow
18 the proceeds of atax-exempt borrowing to be spent on working capital.
19
20 NOW, THEREFORE BE IT RESOLVED by the City Council of the City of Petaluma as
21 follows:
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23 Section 1. The City Council finds and determines-that the foregoing recitals are true and
24 correct.
25
26 Section 2. This resolution is adopted by the City Council solely for purposes of
27 establishing compliance with the requirements of Section 1.148-4 of Treasury regulations. This resolution
28 does not bind the Lessee to make any expenditure, incur any indebtedness, or proceed with the project.
29
30 Section 3. The City Council expects to pay certain capital expenditures to acquire
31 equipment prior to the receipt of lease proceeds for the project.
32
33 Section 4. The City Council hereby declares the Lessee's official intent to use proceeds of
34 the FY 199-96 equipment leases to reimburse itself for future project expenditures.
35
36 Section 5. This resolution shall take effect from and after its adoption.
37
Under the power and authority conferred upon this Council by the Charter of said City.
REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted by the Approved as to
Council of the City of Petaluma at a (Regular) Q~4Xk~~1~ meeting form
on the ...20th day of ..............No.Y.~[P.l~~r......................, 19~~..., by the ~
following vote;
• y tt ey
AYES: Hamilton, Stompe, Read, Vice Mayor Shea, Mayor Hilligoss
NOES: None J
ABSENT: Maguire, Barla:$' -
_
ATTEST: '
y Clerk Mayor
Gb~cil F
CA I0~85 Res. No...-~~~ N.C.S.