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RESOLUTION NO. 92-120
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF TUSTIN, CALIFORNIA, AUTHORIZING FUTURE
EXPENDITURES WITH RESPECT TO THE CITY'S WATER
FACILITY IMPROVEMENT PROGRAM TO BE REIMBURSED
FROM FUTURE LONG-TERM FINANCINGS
The City Council of the City of Tustin hereby resolves as
follows:
WHEREAS, the City of Tustin ("City") has undertaken a capital
program to finance ongoing and future costs related to the design,
planning, acquisition and construction of a program to improve the
facilities of its Water Utility, including certain facilities
designed to remove nitrates from groundwater (all the foregoing
hereinafter refered to as the "Project"); and
WHEREAS, the City is beginning to make expenditures with
respect to costs of the Project; and
WHEREAS, the City intends to make arrangements to provide
long-term financing for costs of the Project, which financing may
be structured so as to bear interest which is excluded from gross
income for Federal income tax purposes; and
WHEREAS, the City has not yet finalized the arrangements for
such long-term financing for the Project, but is proceeding with
the Project at this time by expending other funds from sources
other than long-term debt on a temporary basis with the intention
that such amounts be reimbursed to the maximum extent permitted by
law and prudent in the judgment of the City and desires to confirm
its intentions with respect to any such expenditures hereinafter
incurred.
NOW, THEREFORE, the City Council hereby RESOLVES, DETERMINES
AND ORDERS the following to be effective:
Section 1. The City intends that expenditures made by or
on behalf of the City with respect to costs of the Project from and
after the date of adoption of this Resolution are to be financed
with the proceeds received by the City from such long-term
financing arrangements as ultimately are finalized by the City with
respect to the Project.
Section 2. Expenditures made on an interim basis from
other funds by or on behalf of the City with respect to costs of
the Project prior to the consummation of such long-term financing
arrangements are, to the fullest extent possible, to be reimbursed
to the City from the proceeds of such long-term financing upon its
28 J(iR:ARW';.j · '(' 2393.1(;:12/92
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Resolution No. 92-120
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consummation; provided, however, that the maximum amount of debt to
be issued with respect to the Project shall not exceed Fifty
Million Dollars ($50,000,000.00).
Section 3. This Resolution represents the current
intention of the City, but does not in any way obligate the City to
proceed with long-term financing for the Project, or to reimburse
itself from the proceeds of any such long-term financing which may
be undertaken, in the event that the City later determines that
either such action is not in the best interests of the City.
Section 4. The City specifically states that this
Resolution constitutes a statement of the City's intent under and
pursuant to Treasury Regulation Section 1.103-18.
Section 5.
of adoption.
This Resolution shall take effect on its date
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ATTEST:
17 /,~t_A~Y E. WYNN, City Clerk
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PASSED AND ADOPTED, at a regular meeting of the City Council
for the City of Tustin on this 19th day of October, 1992.
L~IE ANNE ~ONTIOUS, Mayor
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City of Tustin
RESOLUTION CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF ORANGE )
CITY OF TUSTIN )
SS
RESOLUTION NO. 92-120
Mary E. Wynn, City Clerk and ex-officio Clerk of the City Council of the
City of Tustin, California, does hereby certify that the whole number of
the members of the City Council is five; that the above and foregoing
resolution was passed and adopted at a regular meeting of the City Council
held on the 19th day of October, 1992, by the following vote:
COUNCILMEMBER AYES:
COUNCILMEMBER NOES:
COUNCILMEMBER ABSTAINED:
COUNCILMEMBER ABSENT:
Pontious, Potts, Puckett, Saltarelli, Thomas
None
None
None
~ry E. Wynn, City Clerk