HomeMy WebLinkAbout19396 - RESOLUTIONS - 11/4/1998 RESOLUTION NO. 19396
OF THE CITY COUNCIL OF THE CITY OF PALM
SPRINGS, CALIFORNIA, DETERMINING 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 (the "Expenditures") in connection with the acquisition of certain equipment,
including the Integrated Financial System and related equipment (collectively, the "Equipment")
on and after the date hereof, and intends to reimburse itself for such Expenditures, including
the Expenditures made within 60 days prior to the date hereof, with the proceeds of a lease
agreement or other obligations to be issued by the City (the "Obligation").
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 made in connection with the
acquisition of certain Equipment 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 4th day of November 1998.
AYES: Members Barnes, Hodges, Oden and Reller-Spurgin
NOES: None
ABSENT: Mayor Kleindienst
ATTEST: CIT ALM SPRI S CALIFORNIA
Y
-City Clerk City Ma ager
REVIEWED & APPROVED:
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