HomeMy WebLinkAbout19707 - RESOLUTIONS - 12/15/1999 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, 0den, Reller-Spurgin, Mayor Kleindienst
NOES: None
ABSENT: None
AT ES : CITY OF PALM SPRINGS, CALIFORNIA
y
ity Clerk City Manager
REVIEWED &APPROVED:
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