HomeMy WebLinkAboutR-8950 Delaring Intent to Reimburse Expenditures for Property Purchase and Athletic Fields from the Proceeds of Tax-Exempt ObligationsK
RESOLUTION NO. 8950 (1999 Series)
A RESOLUTION OF THE COUNCIL OF THE CITY OF SAN LUIS OBISPO
DECLARING INTENTION TO REIMBURSE EXPENDITURES RELATING TO
PROPERTY PURCHASES AND ATHLETIC FIELDS FROM THE PROCEEDS OF
TAX - EXEMPT OBLIGATIONS OF THE CITY
WHEREAS, the City Council of the City of San Luis Obispo (the "City") has adopted a
capital improvement plan which includes the purchase of three properties to: (1) provide a small
park along San Luis Obispo Creek; (2) permit eventual expansion of the Historical Museum; and
(3) permit eventual expansion of the Police Station (the "Property Purchases Project "), and which
also includes the purchase and improvement of property for athletic fields (the "Athletic Fields
Project "); and
WHEREAS, in order to provide funds to finance the Property Purchases Project and the
Athletic Fields Project (collectively, the "Projects "), the City Council intends to issue and sell its
tax- exempt certificates of participation, lease revenue bonds or other obligations in an aggregate
principal amount which is sufficient to raise approximately $5,500,000 for the Projects (the
"Bonds "); and
WHEREAS, in order to use the proceeds of the Bonds to reimburse advances made by
the City for the Projects before the date of issuance of the Bonds, but not more than sixty (60)
days before the date of adoption of this Resolution, Section 1.150 -2 of the United States Income
Tax Regulations requires that City Council declare its intention to reimburse such advances from
the proceeds of the Bonds; and
WHEREAS, it is in the public interest and for the public benefit that the City declare its
official intent to reimburse the expenditures referenced herein;
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of San Luis
Obispo as follows:
SECTION 1. Declaration of Intent. The City Council hereby declares that it reasonably
expects to issue the Bonds and to use a portion of the proceeds thereof to reimburse expenditures
made by the City for the Projects before the date of issuance of the Bonds, and not more than
sixty (60) days before the date of adoption of this Resolution. The Bonds shall be issued in an
aggregate principal amount which is sufficient to raise funds for the Projects in the approximate
amount of $5,500,000.
SECTION 2. Effective Date. This Resolution shall take effect from and after the date of
its passage and adoption.
Upon motion of Vice Mayor Romero, seconded by Council Member Schwartz,
and on the following roll call vote:
AYES: Council Members Ewan, Marx, Schwartz, Vice Mayor Romero, and Mayor Settle
NOES: None
ABSENT: None
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Resolution 8950 (1999 Series)
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The foregoing resolution was adopted this 6th An., of T„ h, 1 o40
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APPROVED AS TO FORM:
Je e O e . Jo ens , Ci Attorney
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