Reso 2001-059 - Laserfiche WebLink

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WHEREAS, this Commission desires to induce the Borrower to commence acquisition, construction, rehabilitation and improvement of the Project at the earliest possible time so as to produce the public benefits set forth herein; and WHEREAS, the Issuer, in the course of assisting the Borrower in the financing of the Project, expects that the: Borrower has paid or may pay certain expenditures (the "Reimbursement Expenditures") in connection with the Project within 60 days prior to the adoption of this Resolution and prior to the issuance of the Obligation for the purpose of financing costs associated with the Project on a long-term basis; and WHEREAS, the Issuer reasonably expects that the Obligation in an amount not expected- to exceed the Maximum Principal Amount will be issued and that certain of the proceeds of the Obligation may be used to reimburse the Reimbursement Expenditures; and WHEREAS, Section 1.103-8(a)(5) and Section 1.150-2 of the Treasury Regulations require the Issuer to declare its reasonable official intent to reimburse prior expenditures for the Project with proceeds of a subsequent borrowing; NOW, THEREFORE, the Commission of the California. Statewide Communities Development Issuer does hereby resolve as follows: Section 1. This Commission hereby finds and determines that the foregoing recitals are true and correct. Section 2. This Commission hereby finds and determines that: (a) the Activities and Uses of the Project are in accord with Section 91503 of the Act; (b) the use of the Project is likely to produce the Anticipated Public Benefits; (c) the issuance of the Obligation by the Issuer in an amount sufficient to finance certain costs of the Project, which is now estimated not to exceed the Maximum Principal Amount, as described in the Borrower's application attached hereto as Exhibit A, is likely to be a substantial factor in the accrual of one or more of the Anticipated Public Benefits from the use of the Project as proposed in the Borrower's application; and (d) the acquisition of the Project by the issuance of the Obligation is otherwise in accord with the purposes and requirements of the Act. Section 3. It is the present intent of the Issuer to issue, at one time or from time to time, the Obligation (the interest of which is intended to be exempt from federal income taxation) when permitted to do so under the Act in the amount not to exceed the Maximum Principal Amount to finance certain costs of the Project. Section 4. This Resolution is being adopted by the Issuer for purposes of establishing compliance with the requirements of Section 1.103-8(a)(5) and Section 1.150-2 of the Treasury Regulations. In that regard, the Issuer hereby declares its official intent to use proceeds of indebtedness CSCDA-&DIDB-DD-QJDUCBRSS (8/9'n -2-