HomeMy WebLinkAboutCity Council - 96-101 RESOLUTION NO. 96-101
A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF HUNTINGTON BEACH, CALIFORNIA,
DECLARING ITS INTENT TO REIMBURSE CERTAIN
EXPENDITURES FROM PROPOSED TAX EXEMPT
FINANCING AS REQUIRED BY UNITED STATES
DEPARTMENT OF TREASURY REGULATIONS
SECTION 1.150-2
WHEREAS, the United States Department of the Treasury (the
"Treasury"), has issued regulations (Section 1.150-2) relating to the use of bond
proceeds for the reimbursement of certain expenditures made prior to the date of
issuance of bonds (the "Reimbursement Regulations"); and
Under the Reimbursement Regulations, in general, if specified
requirements are satisfied, the proceeds used for reimbursement are deemed
spent on the date of reimbursement; and
If such requirements are not satisfied, then proceeds used for
reimbursement will remain subject to rebate, arbitrage and other rules relating to
tax exemption until ultimately spent; and
The Reimbursement Regulations apply to tax exempt obligations issued
after June 30, 1993; and
The City of Huntington Beach, California (the "City") intends to make
certain expenditures (collectively, the "Expenditure"), in anticipation of the City's
issuance of tax exempt obligations (the "Obligation"), in connection with the
financing, acquiring, constructing and equipping of an 800 Mhz communications
system and a portion of certain capital improvements relating to the Pier Plaza,
including administrative costs related thereto (collectively, the "Project");
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF
HUNTINGTON BEACH, CALIFORNIA, DOES HEREBY RESOLVE,
DETERMINE AND DECLARE AS FOLLOWS:
SECTION 1.: Recitals. The foregoing recitals are true and correct.
SECTION 2.: Official Intent. This Resolution is a declaration of the
City's official intent under the Reimbursement Regulations. This declaration
shall not bind the City to make any expenditure, incur any indebtedness or
proceed with the Project.
SECTION 3.: Reimbursement Expectations. The City reasonably
expects to reimburse itself for the Expenditure made from the City's general fund
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and/or Pier Plaza and/or equipment replacement funds in anticipation of the
issuance of the Obligation with proceeds from the sale of the Obligation. The
reimbursement of the expenditure is consistent with the City's budgetary and
financial circumstances. There are no funds or other sources of money of the
City, or any related person or controlled entity, that have been, or are reasonably
expected to be reserved, allocated on a long term basis or otherwise set aside to
pay the costs of the Project to be paid or reimbursed out of the proceeds of the
Obligation.
SECTION 4.: Maximum Principal Amount of Obligation. The
maximum principal amount of the Obligation from which Expenditure is to be
reimbursed is reasonably expected to be $7,000,000.
SECTION 5.: Use of Proceeds. The proceeds from the Obligation
are to be used for the financing, acquisition, construction and equipping of the
Project, funding a reserve fund and paying certain costs of issuance related
thereto.
SECTION 6.: Effectiveness, The City Cleric shall certify the
adoption of this Resolution and thereafter the same shall be in full force and
effect.
PASSED AND ADOPTED by the City Council of the City of Huntington
Beach, California, at a regular meeting held on the 1-8th day of
November , 1996.
CITY OF HUNTINGTON BEACH,
CALIFORNIA.
Mayor
ATTEST: APPROVED AS TO FORM:
City Clerk ti� City Attorney
REVIEWED AND APPROVED: INITIA D AN PROVED:
City Administrator Dep Administrative/
Adminis ative Services
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Res.No. 96-101
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss:
CITY OF HUNTINGTON BEACH )
I, CONNIE BROCKWAY, the duly elected, qualified City Clerk of
the City of Huntington Beach, and ex-officio Clerk of the City Council of said
City, do hereby certify that the whole number of members of the City Council of
the City of Huntington Beach is seven; that the foregoing resolution was passed
and adopted by the affirmative vote of at least a majority of all the members of said
City Council at a regular meeting thereof held on the 18th of October, 1996 by
the following vote:
AYES: Harman, Leipzig, Bauer, Sullivan, Dettloff,
Green
NOES: None
ABSENT: Garofalo
City Clerk and ex-officio Clerk of the
City Council of the City of Huntington
Beach, California
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