Reso 2001-178 - Laserfiche WebLink

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IN THE CITY COUNCIL OF THE CITY OF SAN LEANDRO RESOLUTION N0.2001a78 (2915/2888) A RESOLUTION DECLARING INTENTION TO REIMBURSE EXPENDITURES FROM THE PROCEEDS OF OBLIGATIONS TO BE ISSUED BY THE CITY AND DIRECTING CERTAIN ACTIONS RESOLVED, by the City Council of the City of San Leandro, California: WHEREAS, the City proposes to undertake the project referenced below, to issue debt for such project and to use a portion of the proceeds of such debt to reimburse expenditures made for the project prior to the issuance of the debt; WHEREAS, United States Income Tax Regulations section 1.150-2 provides generally that proceeds of tax-exempt debt are not deemed to be expended when such proceeds are used for reimbursement of expenditures made prior to the date of issuance of such debt unless certain procedures are followed, one of which is a requirement that (with certain exceptions), prior to the payment of any such expenditure, the issuer declares an intention to reimburse such expenditure; and WHEREAS, it is in the public interest and for the public benefit that the City declares its official intent to reimburse the expenditures referenced herein. NOW, THEREFORE, it is hereby ORDERED and DETERMINED, as follows: 1. The City intends to issue its Certificates of Participation (Joint Project Area Financing) (the "Obligations") for the purpose of paying the costs of assisting the Redevelopment Agency of the City of San Leandro (the "Agency") in undertaking various redevelopment activities within the boundaries of the Agency's Joint Project Area (collectively, the "Project). 2. The City hereby declares that it reasonably expects (i) to pay certain costs of the Project prior to the date of issuance of the Obligations and (ii) to use a portion of the proceeds of the Obligations for reimbursement of expenditures for the Project that are paid before the date of issuance of the Obligations. 3. The maximum principal amount of the Obligations is $5,500,000.