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A - <br />IN THE CITY COUNCIL OF THE CITY OF SAN LEANDRO <br />RESOLUTION NO. 97-47 <br />(1833) <br />A RESOLUTION OF THE CITY OF SAN LEANDRO DECLARING THE OFFICIAL <br />INTENT TO REIMBURSE EXPENDITURES FROM THE PROCEEDS <br />OF TAX EXEMPT SECURITIES <br />WHEREAS, the City of San Leandro (the "City") desires to finance the construction and <br />acquisition of the facilities described in detail below (collectively, the "Project"); and <br />WHEREAS, the City will be expending funds for the construction and acquisition of the <br />Project; and <br />WHEREAS, the City reasonably expects to reimburse such expenditures by authorizing <br />the sale, issuance and delivery of bonds, as described below; and <br />WHEREAS, the City now desires to indicate its official intent regarding the sale, issuance <br />and delivery of such bonds and to authorize the staff of the City to prepare an application for <br />submission to the California Debt Limit Allocation Committee ("CDLAC") for an allocation for <br />private activity bonds; <br />NOW. THEREFORE, the City Council of the City of San Leandro hereby resolves as <br />follows: <br />1. This Resolution is a declaration of official intent to reimburse expenditures <br />pursuant to Treasury Regulations Section 1.150-2. <br />2. The City desires to finance the construction and acquisition of the Project <br />consisting of an approximately 140 unit senior residential care facility MacEngle Partners, a <br />California general partnership, or an entity related thereto, to be located at 970 through 1010 East <br />14th Street, in the City of San Leandro. <br />3. The City reasonably expects to reimburse the expenditures through the sale and <br />delivery of bonds (the 'Bonds"), the interest component on which is excludable from gross <br />income under Section 103 of the Internal Revenue Code. The maximum principal amount of <br />Bonds to be issued for the Project is S 15,000,000. <br />4. The reimbursement allocation to be made with respect to the expenditures will <br />occur not later than eighteen (18) months after the later of (i) the date on which the expenditure is <br />paid, or (ii) the date on which the Project is placed in service, but in no event more than three <br />years after the expenditure is paid. <br />sFV lob 1 000 1 <br />