HomeMy WebLinkAbout94-063 CC ResolutionRESOLUTION NO. 9463
A RESOLUTION OF THE CITY OF TEMECULA DECLARING
INTENTION TO REIMBURSE EXPENDITURES FROM THE
PROCEEDS OF OBLIGATIONS TO BE ISSUED BY THE CITY AND
DIRECTING CERTAIN ACTION
RESOLVED, By the City Council of the City of Temecula, California (the "City"):
WHEREAS, the City proposes to undertake the project referenced below, to issue debt
for such project and to use a portion of the proceeds of such debt to reimburse expenditures made
for the project prior to the issuance of the debt;
WHEREAS, United States Income Tax Regulations section 1.150-2 provides generally
that proceeds of tax-exempt debt are not deemed to be expended when such proceeds are used for
reimbursement of expenditures made prior to the date of issuance of such debt unless certain
procedures are followed, one of which is a requirement that (with certain exceptions), prior to the
payment of any such expenditures, the issuer declare an intention to reimburse such expenditure;
and
WHEREAS, it is in the public interest and for the public benefit that the City declare its
official intent to reimburse the expenditures referenced herein;
NOW, THEREFORE, it is hereby DECLARED AND ORDERED, as follows:
1. The City intends to issue obligations (the "Obligations") for the purpose of paying the
costs of the Old Town Entertainment Center (the "Project")
2. The City hereby declares that it reasonably expects (1) to pay certain costs of the
Project prior to the date of issuance of the Obligations and (ii) to be use a portion of the proceeds
of the Obligations for reimbursement of expenditures for the Project that are paid before the date
of issuance of the Obligations.
3. The maximum principal amount of the Obligations is $125,000.
Ream 94-63
PASSED, APPROVED AND ADOPOTED, by the City Council of the City of Temecula
at a regular meeting on the 28th day of June, 1994.
ATTEST:
n .Greek, City Clerk
[SEAL]
STATE OF CALIFORNIA)
COUNTY OF RIVERSIDE) SS
CITY OF TEMECULA )
Ron Roberts, Mayor
I, June S. Greek, City Clerk of the City of Temecula, DO HEREBY CERTIFY that
Resolution No. 94-63 was duly adopted by the City Council of the City of Temecula at a regular
meeting thereof held on the 28th day of June, 1994, by the following vote:
AYES: 4 COUNCILMEMBERS: Birdsall, Munoz, Parks, Roberts
NOES: 0 COUNCILMEMBERS:
ABSENT: 0 COUNCILMEMBERS:
ABSTAINED: 1 COUNCILMEMBERS:
None
None
Stone
ne 9- Greek, Cityrk
Reeds 94-63 2