HomeMy WebLinkAbout23801 RESOLUTION NO. 23801
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PALM SPRINGS, CALIFORNIA, AUTHORIZING THE
REIMBURSEMENT OF FUNDS FROM THE PROCEEDS OF
TAX-EXEMPT BONDS OR OTHER OBLIGATIONS FOR THE
CITY OF PALM SPRINGS WASTEWATER TREATMENT
PLANT UPGRADE, CITY PROJECT NO. 15-14.
WHEREAS, the City of Palm Springs, (the "City"), desires to finance the costs of
constructing and/or reconstructing certain public facilities and improvements relating to
its wastewater system, including certain treatment facilities, pipelines and other
infrastructure, identified as the City of Palm Springs Wastewater Treatment Plant
Upgrade, City Project No. 15-14, (the "Project"); and
WHEREAS, the City intends to finance the construction and/or reconstruction of
the Project or portions of the Project with moneys ("Project Funds") made available from
the proceeds of tax-exempt bonds or other obligations of the City, (the "City Bonds");
and
WHEREAS, the City Council wishes to adopt this Resolution for the purpose of
expressing its intention to reimburse costs of the Project from the proceeds of the City
Bonds, in the event all of the funds required for the Project are not provided from
amounts borrowed from the State of California; and
WHEREAS, in order to use the proceeds of the City Bonds to reimburse
advances made by the City for the Project before the date of issuance of the City
Bonds, but not more than sixty (60) days before the date of adoption of this Resolution,
Section 1.150-2 of the United States Income Tax Regulations requires that the City
Council declare its intention to reimburse such advances from the proceeds of the City
Bonds; and
WHEREAS, it is in the public interest and for the public benefit that the City
declare its official intent to reimburse the expenditures referenced herein.
NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF PALM SPRINGS
DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. The City hereby states its intention and reasonably expects to issue
City Bonds and to use a portion of the proceeds thereof to reimburse expenditures
made by the City for the Project before the date of issuance of the City Bonds, and not
more than 60 days before the date of adoption of this Resolution. The City Bonds shall
be issued in an aggregate principal amount which is sufficient to raise funds for the
Project, in an amount not to exceed $35,000,000.
Resolution No. 23801
Page 2
SECTION 2. This resolution is adopted as official intent of the City in order to
comply with Treasury Regulation §1.150-2 and any other regulations of the Internal
Revenue Service relating to the qualification for reimbursement of Project costs from the
proceeds of the City Bonds.
SECTION 3. All the recitals in this Resolution are true and correct and the City
Council so finds, determines and represents.
ADOPTED THIS 1ST DAY OF APRIL, 2015.
David H. Ready, Cit
ATTEST:
mes Thompson, City Clerk
CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF PALM SPRINGS )
I, JAMES THOMPSON, City Clerk of the City of Palm Springs, hereby certify that
Resolution No. 23801 is a full, true and correct copy, and was duly adopted at a regular
meeting of the City Council of the City of Palm Springs on the 1st day of April, 2015, by
the following vote:
AYES: Councilmember Foat, Councilmember Hutcheson, Councilmember Mills,
Mayor Pro Tern Lewin, and Mayor Pougnet.
NOES: None.
ABSENT: None.
ABSTAIN: None.
mes Thompson, City Clerk
City of Palm Springs, Californi
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