HomeMy WebLinkAbout18799 - RESOLUTIONS - 4/3/1996 RESOLUTION NO. 18799
OF TIC CITY COUNCIL OF PALM SPRINGS, CALIFORNIA, STATING
TIE CITY'S INTENTION TO ISSUE TAX-EXEMPT OBLIGATIONS
FOR TI4E CONSTRUCTION OF A DOWNTOWN PARKING STRUCTURE
WHEREAS, the City intends to finance the design and construction of a public parking
structure and parking lot improvements serving the downtown area of the City(the"Project") with
the proceeds of the sale of tax-exempt obligations; and
WHEREAS, prior to the issuance of said obligation, the City will expend, from available
monies of the City, certain sums which are desired to be reimbursed to the City from proceeds of the
sale of such obligations.
NOW THEREFORE BE IT RESOLVED by the City Council of the City of Palm Springs,
California, as follows:
Section 1. That the City Council hereby declares its intention to secure tax-exempt financing in a
manner set forth in the recitals hereinafter provided.
Section 2. That in accordance with Treasury Regulations Section 1.103-18, the City of
Palm Springs hereby declares its intention to recover all its costs related to the Project
from the proceeds of a bond sale, including the reimbursement of City funds expended
prior to the receipt of bond or certificate proceeds of a protected amount of
$3,100,000:
Section 3. That the provisions, terms and conditions of the financing, and the form
details, rate or rates of interest, maturity and redemption provisions, if any,
shall be prescribed by subsequent action of the City Council.
Section 4: That the Project is expected to have an economic life greater than one year.
Section 5. That the proceeds of any obligations contemplated to be issued in connection
with this Project are not expected to be used directly or indirectly to pay debt
service, with respect to any other obligation of the City, or to be held, reserved
or substituted for other City funds necessary for other City expenditures.
Section 6. That the proceeds of the Obligations will be deposited in the same fund or account
from which the Project Costs will be paid by the City and will be invested in the same
manner as the monies in that fund or account.
' Section 1. That this Resolution is consistent with the budgetary and financial circumstances
of the City, as of the date hereof, particularly, no monies have been or are
reasonably expected to be permanently allocated or otherwise reserved in the
City's budget for the Project costs (other than proceeds of the Obligations).
Section 8. That this Resolution is adopted as an official action of the City in order to comply
with any applicable regulation of the Internal Revenue Service relating to the
qualification for reimbursement of the City expenditures incurred prior to the
Issue Date; is part of the City's official proceedings; and will be available for
inspection by the general public (during normal business hours of the City) at
the main administrative office of the City or at the customary location of
records of the City that are available to the general public.
Page 2
Resolution 18799
Section 9. That all the recitals in this Resolution above are true and correct and this Council so ,
finds, determine and represents.
Section 10. That staff is hereby authorized and. directed to commence the financing referenced
in this Resolution and select a financing team(s), determine financing size and
structure, and take such other steps as are necessary or convenient to carry out
this directive, all subject to final approval by this Council.
ADOPTED this 3rd day of April, 1996.
AYES: Members Barnes, Hodges, 0den and Mayor Kleindienst
NOES: None
ABSENT: Member Spurgin
ATTEST:
By
Clerk City tiger