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RESOLUTION NO. 10763 (2016 SERIES) <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN LUIS <br />OBISPO, CALIFORNIA, SEEKING REIMBURSEMENT FROM THE <br />STATE WATER RESOURCES CONTROL BOARD FOR CERTAIN <br />ADVANCED MONEYS RELATED TO THE CONSTRUCTION OF THE <br />WATER RESOURCE RECOVERY FACILITY UPGRADE <br />WHEREAS, the City of San Luis Obispo desires to finance the cost of Water Resource <br />Recovery Facility Upgrade (the "Project"); and <br />WHEREAS, the City of San Luis Obispo intends to finance the construction with moneys <br />("Project Funds") provided by the State of California, acting by and through the State Water <br />Resources Control Board ("State Water Board"); and <br />WHEREAS, the State Water Board may fund the Project Funds with proceeds from the <br />sale of obligations the interest upon which is excluded from gross income for federal income tax <br />purposes (the "Obligations"); and <br />WHEREAS, prior to either the issuance of the Obligations or the approval by the State <br />Water Board of the Project Funds the City of San Luis Obispo desires to incur certain capital <br />expenditures (the "Expenditures") with respect to the Project from available moneys of the City of <br />San Luis Obispo Sewer Fund; and <br />WHEREAS, the City of San Luis Obispo has determined that those moneys to be <br />advanced on and after the date hereof to pay the Expenditures are available only for a temporary <br />period and it is necessary to reimburse the City of San Luis Obispo Sewer Fund for the expenditures <br />from the proceeds of the Obligations. <br />NOW, THEREFORE, BE IT RESOLVED, by the Council of the City of San Luis <br />Obispo as follows: <br />SECTION 1. The City of San Luis Obispo hereby states its intention and reasonably <br />expects to reimburse Expenditures paid prior to the issuance of the Obligations or the approval by <br />the State Water Board of the Project Funds. <br />SECTION 2. The reasonably expected maximum principal amount of the Project Funds is <br />One Hundred Forty Million Dollars ($140,000,000.00). <br />SECTION 3. This resolution is being adopted no later than 60 days after the date on which <br />the City of San Luis Obispo will expend moneys for the construction portion of the Project cost to <br />be reimbursed with Project Fun <br />R 10763 <br />