HomeMy WebLinkAboutCC RES 06-93
RESOLUTION NO. 06-93
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
TUSTIN DECLARING ITS OFFICIAL INTENT TO
REIMBURSE CERTAIN EXPENDITURES FROM
PROCEEDS OF INDEBTEDNESS
WHEREAS, the City Council (the "City Council") of the City of Tustin (the "City)
has this date adopted its Resolution entitled "A Resolution of the City Council of the City
of Tustin of Formation of City of Tustin Community Facilities District No. 06-1 (Tustin
Legacy/Columbus Villages), Authorizing the Levy of a Special Tax Within the District
and Establishing an Appropriations Limit for the District" for the purpose of financing
certain public facilities (the "Project") as further provided in said Resolution;
WHEREAS, the City expects to pay certain expenditures (the "Reimbursement
Expenditures") in connection with the Project prior to the issuance of tax-exempt
indebtedness for the purpose of financing costs associated with the Project on a long-
term basis;
WHEREAS, the City reasonably expects that the tax-exempt debt obligations in
an amount not to exceed $65,000,000 will be issued and that certain of the proceeds of
such debt obligations will be used to reimburse the City for the Reimbursement
Expenditures incurred in connection with the Project; and
WHEREAS, Section 1.150-2 of the Treasury Regulations requires the City to
declare its reasonable official intent to reimburse prior expenditures for the Project with
proceeds of a subsequent tax-exempt borrowing;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Tustin
as follows:
Section 1. The City Council hereby finds and determines that the foregoing
recitals are true and correct.
Section 2. This declaration is made solely for purposes of establishing
compliance with the requirements of Section 1.150-2 of the Treasury Regulations. This
declaration does not bind the City to make any expenditures, to incur or cause to be
incurred any indebtedness, or to proceed with the Project.
Section 3. The City Council hereby declares its official intent to use proceeds of
indebtedness to reimburse itself for Reimbursement Expenditures.
Section 4. The officers, employees and agents of the City are hereby authorized
Resolution No. 06-93
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and directed to take all actions and do all things which they, or any of them, may deem
necessary or desirable to accomplish the purposes of this Resolution and not
inconsistent with the provisions hereof.
Section 5. This declaration shall take effect from and after its adoption.
APPROVED and ADOPTED by the City Council of the City of Tustin on July 17,
2006.
ATTEST:
1GJnoili~f
PAMELA STOKER
City Clerk
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,
Califomia, 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. 06-93 was duly
passed and adopted at a regular meeting of the Tustin City Council, held on the 17th day
of July, 2006 by the following vote:
COUNCILMEMBER AYES: DRvprt Hagpn. AmRntp
COUNCILMEMBER NOES:
COUNCILMEMBER ABSTAINED:
COUNCILMEMBER ABSENT:
Hone. KRwR~h;mR (,)
(0)
(0)
(0)
~,trwOo~
PAM A STOKER,
City Clerk
Resolution No. 06-93
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