HomeMy WebLinkAboutResolution 2006-174 N.C.S. 10/02/2006 Resolution No. 2006-174 N.C.S.
of the City of Petaluma, California
RESOLUTION DECLARING THE OFFICIAL INTENT OF THE CITY OF PETALUMA
TO REIMBURSE ITSELF FOR CERTAIN CAPITAL EXPENDITURES
FROM THE PROCEEDS OF INDEBTEDNESS
WHEREAS, the City of Petaluma (the "City") intends to provide for the
acquisition, renovation and construction ofcertain capital improvements for the City's municipal
water system (the "System"), including, but not limited to, improvements to water mains, pump
stations; other general System improvements and related improvements (the "Project"); and,
WHEREAS, the City expects to pay certain expenditures (the "Reimbursement
Expenditures") in connection with the Project prior to the issuance of indebtedness for the
purpose of financing costs associated with the Project on a long-term basis; and,
WHEREAS, the City reasonably expects that debt obligations for the Project in
an amount not expected to exceed $10,000,000 will be issued and that certain of the proceeds of
such debt obligations will be used to reimburse the Reimbursement Expenditures; and,
WHEREAS, proceeds of such debt obligations will be allocated to
Reimbursement Expenditures no later than 18 months after the later of (i) the date the cost is
paid, or (ii) the date the project is placed in service or abandoned (but in no event more than
three years after the cost is paid); and,
WHEREAS, the City may issue debt obligations for the Project in connection
with obligations for other projects.
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND
ORDERED BY THE CITY COUNCIL OF THE CITY OF PETALUMA AS FOLLOWS:
SECTION 1. The foregoing recitals are true and correct and this Council hereby
so finds and determines.
Resolution No. ?006-174 N.C.S. Page 1
SECTION 2. This declaration is made solely for purposes of establishing
compliance with the requirements of Section 1.150-2 of the Treasury Regulations. This
declaration does not .bind the City to make any expenditure, incur any indebtedness, or proceed
with the Project.
SECTION 3. The City hereby declares its official intent to use proceeds of
indebtedness to reimburse itself for Reimbursement Expenditures.
SECTION 4. This Resolution shall take effect immediately upon 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 meeting on the 2"`~ day of October, forn
2006, by the following voter
City Atto ney
AYES: Mayor Glass, Harris, Healy, O'Brien, Torliatt
NOES: Vice MayorNau
ABSENT: None
ABSTAIN: None
r
ATTEST:
City Clerk Mayor
Resolution No. 2006-174 N.C.S. Page 2