Reso 2010-137 - Laserfiche WebLink

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IN THE CITY COUNCIL OF THE CITY OF SAN LEANDRO RESOLUTION NO. 2010 -137 RESOLUTION AUTHORIZING THE REIMBURSEMENT OF FUNDING RECEIVED UNDER FUNDS ADVANCED TO THE CITY PURSUANT TO A STATE REVOLVING FUND FINANCING AGREEMENT WITH THE STATE WATER RESOURCES CONTROL BOARD FOR THE WATER POLLUTION CONTROL PLANT (WPCP) REHABILITATION PROJECT, PROJECT NO. 593 -52 -239 Recitals WHEREAS, the City of San Leandro (the "City ") desires to finance the costs of constructing and/or reconstructing certain public facilities and improvements relating to its water and wastewater system, including certain treatment facilities, pipelines and other infrastructure (the "Project "); and WHEREAS, the City intends to finance the construction and/or reconstruction of the Project or portions of the Project with monies ( "Project Funds ") provided by the State of California, acting by and through the State Water Resources Control Board ( "State Water Board "); and WHEREAS, the State Water Board may fund the Project Funds with proceeds from the sale of obligations the interest upon which is excluded from gross income for federal income tax purposes (the "Obligations "), and WHEREAS, prior to either the issuance of the Obligations or the approval by the State Water Board of the Project Funds, the City desires to incur certain capital expenditures (the "Expenditures ") with respect to the Project from available City monies; and WHEREAS, the City has determined that those monies to be advanced on and after the date hereof to pay the Expenditures are available only for a temporary period and it is necessary to reimburse the City for the Expenditures from the proceeds of the Obligations. Now, therefore, the City does hereby resolve, order and determine as follows: Section 1. The City hereby states its intention and reasonably expects to reimburse Expenditures that City pays prior to the issuance of the obligations or the approval by the State Water Board of the Project Funds. Section 2. The reasonably expected maximum principal amount of the Project Funds is $43,000,000. Section 3. This resolution is being adopted no later than 60 days after the date on which the City will expend monies for the portion of the Project costs to be reimbursed with Project Funds.