HomeMy WebLinkAboutCC RES 20-72 DocuSign Envelope ID: E575BF42-D807-41 FA-A967-3A853E10FACC
RESOLUTION NO. 20-72
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TUSTIN
PRESERVING A FUTURE FINANCIAL OPTION BY EXPRESSING OFFICIAL
INTENT REGARDING CERTAIN CAPITAL EXPENDITURES TO BE
REIMBURSED FROM PROCEEDS OF A TAX-EXEMPT OBLIGATION
IT IS HEREBY RESOLVED, by the City Council of the City of Tustin (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 of this
Resolution or (ii) will be paid on or after the passage of this Resolution;
WHEREAS, to preserve this financial option, the City reasonably expects to
reimburse itself for the Expenditures with the proceeds of an obligation the interest on
which will be excluded from the gross income of the owner or owners of such obligation;
and
WHEREAS, in connection with the financing of the Project, it is necessary and
desirable for the City to retain special legal counsel;
NOW, THEREFORE, it is hereby ORDERED and DETERMINED, as follows:
Section 1 . The City reasonably expects to reimburse the Expenditures with
proceeds of one or more obligations if issued by or on behalf of the City.
Section 2. The maximum principal amount of the obligations expected to be issued
for the Projects is $20,000,000.
Section 3. This Resolution preserves this financial option and 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 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. This Resolution shall be in full force and effect immediately upon its
adoption.
PASSED AND ADOPTED at a regular meeting of the City Council of the City of
Tustin held on the 17th day of November 2020.
Resolution 20-72
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DocuSign Envelope ID: E575BF42-D807-41 FA-A967-3A853E10FACC
DocuSigned by:
•96E3D41•DED�4E ...
DR. ALLAN BERNSTEIN,
Mayor
ATTEST:
;DocuSigned by:
ERICA A,
City Clerk
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
CITY OF TUSTIN )
I, Erica N. Yasuda, 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. 20-72 was duly
passed and adopted at a regular meeting of the Tustin City Council, held on the 17th day
of November 2020, by the following vote:
COUNCILMEMBER AYES: Bernstein, Clark, Puckett, Cooper, Lumbard (5)
COUNCILMEMBER NOES: (0)
COUNCILMEMBER ABSTAINED: (0)
COUNCILMEMBER ABSENT: (0)
FDocuSigned by:
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•aDa�se se..
ERICA N. YASUDA,
City Clerk
Resolution 20-72
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DocuSign Envelope ID: E575BF42-D807-41 FA-A967-3A853E10FACC
EXHIBIT A
DESCRIPTION OF THE PROJECTS
Infrastructure and other capital improvements at, or serving, Tustin Legacy or portions
thereof. "Infrastructure" and other "capital improvements" means by way of examples
only, and without limiting the ordinary meaning of the terms: clearing and grubbing,
grading work, construction of storm drains, water service facilities, reclaimed water
improvements, sanitary sewer, dry utility work, roadway improvements, and/or installation
of traffic signals.
Resolution Exhibit 20-72
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