HomeMy WebLinkAbout1997-03-04; City Council; Resolution 97-89I .- e e
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RESOLUTION NO. 97-89
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CARLSBAD, CALIFORNIA, DECLARTNG INTENTION TO
REIMBURSE CERTAIN EXPENDITURES FROM THE
PROCEEDS OF OBLIGATIONS TO BE ISSUED BY THE CITY
OR A JOINT POWERS AUTHORITY TO BE CREATED BY
THE CITY AND DIRECTING CERTAIN ACTIONS
WHEREAS, the City Council of the City of Carlsbad, California, propos
undertake the Carlsbad Municipal Golf Course project and to create a Joint Powers Aut1
which will issue debt for said project and use a portion of the proceeds of such debt to reim
expenditures made for said project prior to the issuance of the debt; and
WHEREAS, United States Income Tax Regulations, Section 1.150-2 prc
generally that proceeds of tax exempt debt are not deemed to be expended when such prc
are used for reimbursement of expenditures made prior to the date of issuance of such debt 1
certain procedures are followed, one of which is a requirement that (with certain excep’
prior to the payment of any such expenditure, the issuer declares an intention to reimburs
expenditure; and
WHEREAS, it is in the public interest and for the public benefit that th
declares its official intent to reimburse the expenditures referenced herein.
NOW, THEREFORE, be it resolved as follows:
1. That the City intends to issue obligations or to create a Joint Powers Au
which will issue obligations (the “Obligations”) for the purpose of pay;
costs of a new municipal golf course project in the City (the “Project”).
2. That the City hereby declares that it reasonably expects (i) to pay for certai
portion of the proceeds of the Obligations for reimbursement of expendit1
the Project that are paid before the date of issuance of the Obligations.
I of the Project prior to the date of issuance of the Obligations and (ii) tc
3. That the maximum principal amount of the Obligations is $16,000,000.
ff
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m
PASSED, APPROVED, AND ADOPTED at a regular meeting of the C
City Council held on the 4th day of March , 1997, by the following I
wit:
AYES: Council Members Lewis, Finnila, Nygaard, Kulchin, and Hall
NOES: None
ABSENT: None
ABSTAIN: None
ATTEST:
d
ALETHA L. RAUTENKRANZ, City Clerk
(SEAL)
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