HomeMy WebLinkAbout6/18/2003 - STAFF REPORTS RESOLUTION NO.
A RESOLUTION OF THE PALM SPRINGS FINANCING
AUTHORITY DECLARING ITS OFFICIAL
INTENT TO REIMBURSE EXPENDITURES FROM THE
PROCEEDS OF TAX EXEMPT OBLIGATIONS
WHEREAS, the Palm Springs Financing Authority (the "Authority") is a Joint
Powers Authority (a public body, corporate and politic) duly created, established and
authorized to transact business and exercise its powers, all under and pursuant to the
joint Powers Law (Articles 1 through 4 of Chapter 5, Division 7, Title 1 of the California
Government Code) (the "Act') and the powers of such authority include the power to
issue bonds for any of its corporate purposes; and
WHEREAS, the Authority desires to finance the construction and acquisition of
the public facilities described below (collectively, the "Project'); and
WHEREAS, the Authority will be expending funds for the construction and
acquisition of the Project; and
WHEREAS, the Authority 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 Palm Springs Financing Authority 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 Authority 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 Authority 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 Authority 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 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 Authority'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 Authority 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
Authority to issue the Bonds.
Section 7. The Secretary 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 Secretary pursuant to this Resolution may be performed by an Assistant Secretary
with the same force and effect as if performed by the Secretary hereunder.
ADOPTED this day of 2003
AYES:
NOES:
ABSENT:
ATTEST: CITY OF PALM SPRINGS, CALIFORNIA
By
Secretary Chairman
REVIEWED &APPROVED
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