HomeMy WebLinkAbout92-039349
RESOLUTION NO. 92439
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF SANTA ANA
DECLARATION OF OFFICIAL INTENT OF THE CITY OF
SANTA ANA TO REIMBURSE CERTAIN CAPITAL
EXPENDITURES FROM PROCEEDS OF INDEBTEDNESS
WHEREAS, the City of Santa Ana (the "Issuer") intends to
(i) construct a new police administration building and holding
facility and (ii) rehabilitate and renovate the existing police
administration facility (collectively, the "Project");
WHEREAS, the Issuer expects to pay certain capital
expenditures in connection with the Project prior to the issuance
of indebtedness to be used to finance such expenditures;
WHEREAS, the Issuer is authorized to incur or issue debt
obligations to finance costs of the Project;
WHEREAS, in order to reimburse itself or pay for the
costs of the Project, the Issuer reasonably expects it will issue
debt obligations in an amount not reasonably expected to exceed
$100,000,000 for the purpose of financing costs of the Project on
a long-term basis; and
WHEREAS, Section 1.103-18 of the Treasury Regulations
requires the Issuer to declare its reasonable official intent to
reimburse prior expenditures for the Project with proceeds of a
borrowing;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Santa Aha (the "City Council") as follows:
Section 1, The City Council finds and determines that
the foregoing recitals are true and correct.
Section 2. This Resolution is adopted by the city
Council solely for purposes of establishing compliance with the
requirements of Section 1.103-18 of the Treasury Regulations. This
Resolution does not bind the Issuer to make any expenditure, incur
any indebtedness or proceed with the Project.
RESOLUTION 92-039
Page 2
Section 3. The City Council expects the Issuer will pay
certain capital expenditures in connection with the Project prior
to the issuance of indebtedness for the Project. The reimbursement
of such Project expenditures is consistent with the Issuer's
established budgetary and financial circumstances. Other than
proceeds of indebtedness to be issued for the Project, there are no
funds or sources of moneys of the Issuer, or any related person or
commonly controlled entity that have been, or reasonably are
expected to be, allocated, reserved, or otherwise made available on
a long-term basis, or otherwise set aside to pay any costs of the
Project which are to be paid or reimbursed out of proceeds of
indebtedness to be issued for the Project.
Section 4. The City Council hereby declares the Issuer's
official intent to use proceeds of indebtedness to reimburse itself
for future Project expenditures.
Section 5. This Resolution shall be reasonably available
for inspection by the general public during normal business hours
at the office of the Issuer, located at 20 Civic Center Plaza, 8th
Floor, Building 20, Santa Ana, California, commencing no later than
May 11, 1992.
Section 6.
after its adoption.
This Resolution shall take effect from and
ADOPTED this 4th day of May , 1992.
ATTEST:
APPROVED AS TO FORM:
~~~.Cooper
City Attorney
Mayor
COUNCILMEMBERS:
Acosta A_ye
Griset Aye
McGuigan Aye
Norton Aye
Pulido Aye
Richardson Aye
Young Aye
2
CERTIFICATE OF ORIGINALITY
State of California
County of Orange
I, JANICE C. GUY, Clerk of the Council, do hereby certify the
.attached Resolution ~- ~ f to be the original resolution
adopted by the City Council of the City of Santa Ana on
e Counc~l,
city of Santa Ana
Date