HomeMy WebLinkAbout92-19 CC ResolutionRESOLUTION NO. 92-19
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF TEMECULA DECLARING CERTAIN FINDINGS
REGARDING CITY EXPENDITURES IN CONNECTION
WITH COMMUNITY FACILITIES DISTRICT 88-12 (YNEZ
CORRIDOR) AS REQUIRED BY UNITED STATES
DEPARTMENT OF THE TREASURY REGULATIONS
(SECTION 1.103-18)
WHEREAS, on January 27, 1992, the United States Department of the Treasury (the
"Treasury") issued final regulations (Section 1.103-18) relating to the use of bond proceeds for
the reimbursement of expenditures made prior to the date of issuance of bonds (the
"Reimbursement Regulations"); and
WHERK~, under the Reimbursement Regulations, in general, if specified requirements
are satisfied, the proceeds used for reimbursement are deemed to be spent on the date of
reimbursement; and
WltEREAS,if such requirements are not satisfied, then proceeds used for reimbursement
will remain subject to the rebate, arbitrage and other rules relating to tax-exemption until
ultimately spent; and
WItEREAS, the Reimbursement Regulations apply to tax-exempt obligations issued after
March 2, 1992, except that the Reimbursement Regulations do not apply to expenditures before
such date if such expenditures were made after September 8, 1989, and if there was objective
evidence at the time of the expenditures that the issuer reasonably expected to reimburse the
expenditure with bond proceeds; and
WHEREAS, on February 12, 1991, by its minute action authorizing execution of three
Joint Financing Agreements for CFD 88-12, the City of Temecula ("City") declared its intention
to reimburse certain expenditures it would make for Community Facilities District 88-12 (Ynez
Corridor), the ("Project") with the proceeds of tax-exempt obligations, the County of Riverside
intends to issue after March 2, 1992 the ("Obligations"). City has to date made expenditures
approximating $1,300,000.00 and intends to make further expenditures relating to the Project in
anticipation of issuance of the Obligations collectively referred to as the ("Expenditure"); and
WHEREAS, in order to comply with the Reimbursement Regulations, the public interest
and convenience require that City officially declare its intent that City reasonably expects to
reimburse the Expenditure with proceeds of the Obligations;
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NOW THEREFORE, IT IS HEREBY RESOLVED, DETERMINED AND
DECLARED by the City Council of the City of Temecula as follows:
Section 1. The foregoing recitals are true and correct.
Section 2. City reasonably expects to reimburse the Expenditure with proceeds from the
Obligations. The reimbursement of the Expenditure is consistent with the City's established
budgetary and financial circumstances. There are no funds or sources of money of the City, or
any related person or commonly controlled entity, that have been, or reasonable expected to be,
reserved, allocated on a long-term basis or otherwise set aside to pay costs of the Project to be
paid or reimbursed out of proceeds of the Certificates.
Section 3. This Resolution is a declaration of City's official intent under the
Reimbursement Regulations.
Section 4. The maximum principal amount of the Obligations for which the Expenditure
is made is reasonably expected to be $60,000,000.00
Section 5. The proceeds from the Obligations are to be used for the Project, including,
but not limited to, widening Ynez Road, constructing Overland Overpass and constructing
Winchester and Rancho California Freeway loop ramps.
Section 6. The City Clerk shall make this Resolution reasonably available for public
inspection within thirty (30) days of the date this Resolution is adopted.
Section 7. The City Clerk shall certify the adoption of this Resolution and thenceforth and
thereafter same shall be in full force and effect.
PASSED, APPROVED AND ADOPTED this 24th day of March, 1992.
Patricia H. Birdsall, Mayor
ATTEST:
[SEAL]
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STATE OF CALIFORNIA)
COUNTY OF RIVERSIDE)
CITY OF TEMECULA )
SS
I, June S. Greek, City Clerk of the City of Temecula, HEREBY DO CERTIFY that the
foregoing Resolution No. 92-19 was duly adopted at a regular meeting of the City Council of the
City of Temecula on the 24th day of March 1992 by the following roll call vote:
AYES: 5
COUNCILMEMBERS: Birdsall, Lindemans, Moore, Mufioz, Parks
NOES:
0 COUNCILMEMBERS: None
ABSENT: 0 COUNCILMEMBERS: None
Greek, City Cler~~
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