HomeMy WebLinkAbout12/15/1999 - STAFF REPORTS (27) JVP
DATE: December 15, 1999
TO: City Council
FROM Director,Office ofManagement and Budget(OMB)
APPROVE REIlMURSEMENT RESOLUTION
RECOMMENDATION:
It is recommended that the City Council &pprove a Reimbursement Resolution recognizing
its intent to reimburse itself for certain Capital expenditures for payments already made
related to City Council authorized expenditures
BACKGROUND:
In a continuing effort to improve the effectiveness and efficiency of service provided to Patin
Springs citizens,City council approved a Master Lease Agreement with CaLease on October
21, 1998.
Recognizing the benefits derived from this program with CaLease, and certain tax code
requirements,the Office of Management and Budget is recommending that Council approve
this reimbursement Resolution. The intent of this action is to comply with the 1986 Tax
Code requirements as they relate to reimbursement issues.
The 1986 Tax Code requires that if a city plans to be reimbursed for prior expenditures from
the tax-exempt proceeds,the City must approve a Reimbursement Resolution This action is
a housekeeping item that must be acted upon every 18 months and is routine in nature.
Additionally this action is not authorizing any expenditures beyond those already approved
by City Council.
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Approved:
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Attachment: 1 Resolution
RESOLUTION NO. 19707
OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS,
CALIFORNIA, DETERMING ITS INTENT TO REIMBURSE
ITSELF FOR CERTAIN CAPITAL EXPENDITURES.
WHEREAS, The City Council of the city of Palm Springs ("City") expects to make capital
expenditures in connection with the acquisition of certain equipment, including city vehicles,
computer system purchases and related equipment (the "Equipment") on and after the date
hereof, and intends to reimburse itself for the Expenditures with the proceeds of a lease
agreement or other obligations to be issues by the City,(the"Obligation").
WHEREAS, The 1986 Tax Code requires that if a city plans to be reimbursed for expenditures
from the tax-exempt proceeds,the city must approve a Reimbursement Resolution.
NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of Palm Springs
does hereby declare its intent to reimburse itself for the expenditures with the proceeds of a lease
agreement or other obligations to be issued by the City, and that the maximum principal amount
of the Obligation expected to be issued for the Equipment shall not exceed$1,500,000.
ADOPTED this 15thdayof Dec. 1999.
AYES: Members Hodges, Jones, Oden, Reller-Spurgin, Mayor Kleindienst
NOES: None
ABSENT. None
ATTEST: CITY OF PALM SPRINGS,CALIFORNIA
By
City Clerk City Manager
REVIEWED&APPROVED:
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