HomeMy WebLinkAbout20638 - RESOLUTIONS - 6/18/2003 RESOLUTION NO. 20638 '
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 remodeling the new Visitor Information Center (formerly Tramway
Gas Station).
Section 3. The City reasonably expects to incur expenditures in an amount
not to exceed $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 from
the Project (the Phase II expansion of the Convention Center) 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
Rev,SAP
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.
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 18th day of June , 2003
AYES: Members Oden, Reller-Spurgin and Mayor Kleindienst
NOES: None
ABSENT: Members Hodges and Mills
CTTIE-S�T: CITY OF PALM SPRINGS CALIFORNIA
City Clerk City Manager,,
REVIEWED &APPROVED