HomeMy WebLinkAboutCC RES 10-09RESOLUTION NO. 10-09
RESOLUTION EXPRESSING OFFICIAL INTENT
REGARDING CERTAIN EXTRAORDINARY WORKING
CAPITAL EXPENDITURES TO BE REIMBURSED WITH
PROCEEDS OF OBLIGATIONS
WHEREAS, the City proposes to issue or cause the issuance obligations {'the
"Obligations") to finance certain extraordinary working capital expenditures described in
Exhibit A hereto (the "Expenditures");
WHEREAS, the Expenditures have been made not more than 60 days prior to
the adoption of this Resolution or will be paid on or after the adoption of this Resolution;
and
WHEREAS, the City reasonably expects to reimburse itself for the Expenditures
with the proceeds of the Obligations;
NOW, THEREFORE, THE CITY OF TUSTIN, CALIFORNIA, RESOLVES AS
FOLLOWS:
SECTION 1: The City reasonably expects to reimburse all or a portion of the
Expenditures with the proceeds of the Obligations.
SECTION 2: The maximum principal amount of the Obligations is $40,000,000.
SECTION 3: This Resolution is a declaration of official intent to reimburse
expenditures pursuant to Treasury Regulations Section 1.150-2.
SECTION 4: Appropriate officers and officials of the City are hereby authorized
and directed to take such action and to execute such documents as may be necessary
or desirable to effectuate the intent of this resolution.
SECTION 5: This Resolution shall be in full force and effect immediately upon its
adoption.
PASSED AND ADOPTED at a special meeting of the City Council of the City of
Tustin on the 7th day of January, 2010.
Resolution 10-09
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ATTEST:
Vol ftol' R�1�
P- ELA STbK
City Cork
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
CITY OF TUSTIN )
I, Pamela Stoker, City Clerk and ex -officio Clerk of the City Council of the City of Tustin,
California, do hereby certify that the whole number of the members of the City Council of
the City of Tustin is five; that the above and foregoing Resolution No. 10-09 was duly
passed and adopted at a special meeting of the Tustin City Council, held on the 7t" day of
January, 2010, by the following vote:
COUNCILMEMBER AYES: Amante, Nielsen, Davert, Palmer, Gavello (5)
COUNCILMEMBER NOES: None (0)
COUNCILMEMBER ABSTAINED: None (0)
COUNCILMEMBER ABSENT: None (0)
•
Resolution 10-09
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EXHIBIT A
DESCRIPTION OF EXPENDITURES
The Superior Court has ordered the City to increase its deposit of probable compensation
to equal the amount of the jury's verdict. The deposit is in compensation for the City's
acquisition of 34 acres of property, which includes one warehouse structure.
Resolution 10-09
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