HomeMy WebLinkAbout23799 RESOLUTION NO. 23799
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PALM SPRINGS, CALIFORNIA, AUTHORIZING THE
REIMBURSEMENT OF FUNDS REQUESTED FROM THE
STATE WATER RESOURCES CONTROL BOARD UNDER
THE CLEAN WATER STATE REVOLVING FUND 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") provided by the
State of California, acting by and through the State Water Resources Control Board (the
"State Water Board"); and
WHEREAS, the State Water Board may fund the Project Funds with proceeds
from the sale of obligations the interest upon which is excluded from gross income for
federal income tax purposes, (the "Obligations"), and
WHEREAS, prior to either the issuance of the Obligations or the approval by the
State Water Board of the Project Funds, the City desires to incur certain capital
expenditures, (the "Expenditures") with respect to the Project from available moneys of
the City; and
WHEREAS, the City has determined that those moneys to be advanced on and
after the date hereof to pay the Expenditures are available only for a temporary period
and it is necessary to reimburse the City for the Expenditures from the proceeds of the
Obligations.
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
reimburse Expenditures paid prior to the issuance of the Obligations or the approval by
the State Water Board of the Project Funds.
SECTION 2. The reasonably expected maximum principal amount of the Project
Funds is $35,000,000.
Resolution No. 23799
Page 2
SECTION 3. This resolution is being adopted no later than 60 days after the date
on which the City will expend moneys for the construction portion of the Project costs to
be reimbursed with Project Funds.
SECTION 4. Each City expenditure will be of a type properly chargeable to a
capital account under general federal income tax principles.
SECTION 5. To the best of our knowledge, this City is not aware of the previous
adoption of official intents by the City that have been made as a matter of course for the
purpose of reimbursing expenditures and for which tax-exempt obligations have not
been issued.
SECTION 6. 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.
SECTION 7. All the recitals in this Resolution are true and correct and this City
so finds, determines and represents.
ADOPTED THIS 1ST DAY OF APRIL, 2015.
David H. Ready, 4a er
ATTEST:
mes Thompson, City Clerk
Resolution No. 23799
Page 3
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. 23799 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 152 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, California
o 114zo15