HomeMy WebLinkAbout20519 - RESOLUTIONS - 1/2/2003 ' RESOLUTION NO. _n519
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PALM SPRINGS DECLARING ITS OFFICIAL
INTENT TO REIMBURSE EXPENDITURES FROM THE
PROCEEDS OF TAX EXEMPT OBLIGATIONS
WHEREAS, the City of Palm Springs (the "City") desires to finance the
construction and acquisition of the public facilities described below(collectively, the "Project");
and
WHEREAS, the City will be expending funds for the construction and acquisition
of the Project; and
WHEREAS, the City reasonably expects to reimburse such expenditures by
authorizing the sale and delivery of one or more series of Bonds, as described below;
NOW, THEREFORE, the City Council of the City of Palm Springs hereby
resolves as follows:
Section 1. This Resolution is a declaration of official intent to reimburse
expenditures pursuant to Treasury Regulations Section 1.150-2.
Section 2. The City desires to finance the construction and acquisition of the
Project consisting of a two-phase expansion of the Palm Springs Convention Center.
Section 3. The City reasonably expects to incur expenditures in an amount not
to exceed $3,750,000 in connection with the construction and acquisition of the Project.
Section 4. The City reasonably expects to reimburse such expenditures
through the sale and delivery of one or more series of bonds (the "Bonds"), the interest
component on which is excludable from gross income under Section 103 of the Internal Revenue
Code. The maximum principal amount of Bonds expected to be issued for the Project is
$30,000,000.
Section 5. The reimbursement allocation to be made with respect to the
expenditures will occur not later than eighteen (18) months after the later of(i) the date on which
the expenditure is paid, or(ii)the date on which the Project is placed in service, but in no event
more than 3 years after the expenditure is paid.
Section 6. This Resolution expresses the City's expectations as of this date
with respect to the financing of the construction and acquisition of the Project. Future events or
extraordinary circumstances beyond the control of the City may result in the Project being
' financed in a manner other than as described in this Resolution, and nothing contained herein
constitutes an irrevocable commitment by the City to issue the Bonds.
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Section 7. The City Clerk shall certify to the adoption of this Resolution, and
thenceforth and thereafter the same shall be in full force and effect. Notwithstanding the
foregoing, such certification and any of the other duties and responsibilities assigned to the City
Clerk pursuant to this Resolution may be performed by an Assistant City Clerk/Deputy City
Clerk with the same force and effect as if performed by the City Clerk hereunder.
Adopted this end day of January , 2003.
AYES: Members Hodges, Mills, Oden, Reller-Spurgin and Mayor Kleindienst
NOES: None
ABSENT: None
ATTEST:
CITY OF PALM SPRINGS, CALIFORNIA
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4Cityk City Manager
REVIEWED AND APPROVED
HEREBY CERTIFY THAT THE FOREGOING IS A TRUE COPY OF
RESOLUTION NO. 20519 DULY ADOPTED BY THE CITY COUNCIL
OF THE CITY OF PALM SPRINGS IN A MEETING THEREOF HELD
ON THE 2nd DAY OF JANUARY, 2003. DATED AT PALM SPRINGS,
C W-FORNIA THIS 5th DAY OF FEBRUARY, 2003.
City Clerk
—� City of Palm Springs, California
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