HomeMy WebLinkAbout03-104 CC ResolutionRESOLUTION NO. 03-104
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
TEMECULA EXPRESSING OFFICIAL INTENT REGARDING
CERTAIN CAPITAL EXPENDITURES TO BE REIMBURSED
FROM PROCEEDS OF TAX-EXEMPT OBLIGATIONS
RESOLVED, by the City Council (the "Council") of the City of Temecula (the "City") as
follows:
WHEREAS, the City has developed a list of capital projects (the "Projects") described in
Exhibit A hereto;
WHEREAS, all or a portion of the expenditures relating to the Projects (the
"Expenditures") (i) have been paid within the sixty days prior to the passage as of this
Resolution or (ii) will be paid on or after the passage of this Resolution; and
WHEREAS, the City reasonably expects to reimburse itself for the Expenditures with the
proceeds of obligations the interest on which will be excluded from the gross income of the
owner or owners thereof (the "Obligations");
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Temecula as
follows:
Section 1. The City reasonably expects to reimburse the Expenditures with proceeds
of the Obligations to be issued by the City or another entity of the City or in which the City is a
member or for which the members of the City Council act as the governing board or whose debt
is subject to the approval of the City Council.
Section 2. The maximum principal amount of the Obligations expected to be issued
for the Projects is $1,500,000.
Section 3. This Resolution is a declaration of official intent to reimburse expenditures
pursuant to Treasury Regulations Section 1.150.2.
Section 4. All actions of the officers, agents and employees of the City or other entity
of the City that are in conformity with the purposes and intent of this Resolution, whether taken
before or after the adoption hereof, are hereby ratified and confirmed.
Section 5.
adoption.
This Resolution shall be in full force and effect immediately upon its
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PASSED, APPROVED, AND ADOPTED, by the City Council of the City of Temecula
this 12th day of August, 2003.
ATTEST:
[SEAL]
~ ~)~-J~fffCey E. Stone, Mayor
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss
CITY OF TEMECULA )
I, Susan W. Jones, CMC, City Clerk of the City of Temecula, California, do hereby certify
that Resolution No. 03-104 was duly and regularly adopted by the City Council of the City of
Temecula at a regular meeting thereof held on the 12th day of August, 2003, by the following
vote:
AYES:
5 COUNCILMEMBERS: Comerchero, Naggar, Pratt, Roberts, Stone
NOES:
0 COUNClLMEMBERS: None
ABSENT: 0 COUNCILMEMBERS: None
ABSTAIN: 0 COUNClLMEMBERS: None
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EXHIBIT A
DESCRIPTION OF THE PROJECTS
Public infrastructure improvements related to City of Temecula Assessment District 03-04 (John Warner Road)
Exhibit A