HomeMy WebLinkAboutResolution 94-234 08/15/1994 ~~S®It,ltl®~ N®. 94-234 ~.C.s.
of the City of Petaluma, California
1 RESOLUTION OF INTENTION TO FINANCE
2 CERTAIN EQUIPMENT FOR FISCAL YEAR 1994-95
3
4 Declaration of official intent of the City of Petaluma to be reimbursed certain capital
5 equipment expenditures from proceeds of FY 94-95 equipment leases.
6
7 WHEREAS, the City of Petaluma, (the "Lessee") intends to purchase
8 equipment listed in the FY 1994-95 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
11 with the project prior to its receipt of lease proceeds for such expenditures; and
12
13 WHEREAS, the Lessee reasonably expects it will make expenditures with
14 respect to the project in an amount not reasonably expected to exceed $1,150,000 for which
15 the Lessee expects to enter into a lease purchase with a leasing firm to be selected; and
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17 WHEREAS, Treasury Department and :Internal Revenue Service regulations do
18 not allow the proceeds of atax-exempt borrowing to be spent on working capital.
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20 NOW, THEREFORE BE IT RESOLVED by the City Council of the City of
21 Petaluma as follows:
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23 Section 1. The City Council finds and determines that the foregoing recitals are
24 true and correct.
25
26 Section 2. This resolution is adopted by the City Council solely for purposes of
27 establishing compliance with the requirements of section 1.148-4 of Treasury regulations.
28 This resolution does not bind the Lessee to make any expenditure, incur any indebtedness, or
29 proceed with the project.
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31 Section 3. The City Council expects to pay certain capital expenditures to
32 acquire equipment prior to the receipt of lease proceeds for the project.
33
34 Section 4. The City Council hereby declares the Lessee's official intent to use
35 proceeds of the FY 1994-95 equipment leases to reimburse itself for future project
36 expenditures.
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38 Section 5. This resolution shall take effect from and after its adoption.
Under the power and authority conferred upon this Council by the Charter of said City.
REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted by the Approved as to
Council of the City of Petaluma at a (Regular) 3it~1€&t~XQ$f~~) meeting form
on the .15.x1 day of ...-..B.1JgJUSx_...................................-., 1x.9.4.., by the ~7 ma~''~~
following vote: - - ~uA~---•••-•---U
City Attorney
AYES: Parkerson, Read, Barlas, Shea, Mayor Hilligoss
NOES: None -
ABSENT: Hamilt Mayor Sobel
ATTEST: ....--.._..-.~...~~~L
City Clerk Mayor
Qouncil File..._
CA 10-85 ReS. r,o.:.....9.4.-2.3.4...... n~.cs.