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IN THE CITY COUNCIL OF THE CITY OF SAN LEANDRO <br /> RESOLUTION NO. 2000 - 89 (2890) <br /> A RESOLUTION DECLARING INTENTION TO REIMBURSE EXPENDITURES <br /> FROM THE PROCEEDS OF OBLIGATIONS TO BE ISSUED BY THE <br /> CITY OF SAN LEANDRO AND DIRECTING CERTAIN ACTIONS <br /> RESOLVED, by the City Council of the City of San Leandro, California: <br /> WHEREAS, the City proposes to undertake the project referenced below, to issue debt <br /> for such project and to use a portion of the proceeds of such debt to reimburse expenditures made <br /> for the project prior to the issuance of the debt; <br /> WHEREAS, United States Income Tax Regulations section 1.150 -2 provides generally <br /> that proceeds of tax - exempt debt are not deemed to be expended when such proceeds are used for <br /> reimbursement of expenditures made prior to the date of issuance of such debt unless certain <br /> procedures are followed, one of which is a requirement that (with certain exceptions), prior to the <br /> payment of any such expenditure, the issuer declares an intention to reimburse such expenditure; <br /> and <br /> WHEREAS, it is in the public interest and for the public benefit that the City declares its <br /> official intent to reimburse the expenditures referenced herein. <br /> NOW, THEREFORE, it is hereby DECLARED and ORDERED. as follows: <br /> 1. The City intends to issue obligations (the "Obligations ") for the purpose of paying the <br /> costs of the sewer line repair and replacement project (the "Project "). <br /> 2. The City hereby declares that it reasonably expects (i) to pay certain costs of the <br /> Project prior to the date of issuance of the Obligations and (ii) to use a portion of the proceeds of <br /> the Obligations for reimbursement of expenditures for the Project that are paid before the date of <br /> issuance of the Obligations. <br /> 3. The maximum principal amount of the Obligations is $10,000,000. <br /> 1, the undersigned City Clerk of the City of San Leandro, hereby certify that the foregoing <br /> is a full, true and correct copy of a resolution adopted by the City Council of the City at a <br /> meeting thereof on the 19th day of June . 2000. by the following vote of the <br /> members thereof: <br /> AYES: Council Members Gal van, Glaze, Grant, Loeffler, Lothrop, Nardine; <br /> Mayor Young ( 7 ) <br /> NOES: None ( 0 ) <br /> ABSENT: None / ( 0 ) <br /> Attest: 4M% <br /> Gayle Pete City Clerk <br />