HomeMy WebLinkAbout2001-63 - Tax Exempt Obligation for Balboa Peninsula ImprovementsResolution No. 2001- 63
A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF NEWPORT BEACH
REGARDING ITS INTENTION TO INCUR A TAX EXEMPT OBLIGATION
WHEREAS, the City of Newport Beach ( "City') desires to finance the costs of
construction of special improvements to the Balboa Peninsula (the "Project');
WHEREAS, the City intends to finance the Project or portions of the Project with the
proceeds of obligations, the interest upon which is excluded from gross income for federal
income tax purposes, (the "Obligations "); and
WHEREAS, prior to incurring Obligations the City desires to incur certain expenditures
with respect to the Project from available monies of the City, which expenditures are desired to
be reimbursed by the City from a portion of the proceeds of the Obligations;
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Newport
Beach hereby resolve, order and determine as follows:
The City hereby states its intention and reasonably expects to reimburse Project costs
incurred prior to the incurrence of the Obligations with proceeds of the Obligations.
2. The reasonably expected maximum principal amount of the Obligations is $3,500,000.00.
3. This resolution is being adopted on or prior to the date (the "Expenditures Date or Dates ")
that the City will expend monies for the portion of the Project costs to be reimbursed from
proceeds of the Obligations.
4. The expected date of incurrence of the Obligations will be within one year of the
Expenditures Date or Dates or the date the Project is placed in service, whichever occurs
last.
5. Proceeds of the Obligations to be used to reimburse for Project costs are not expected to be
used directly or indirectly to pay debt service with respect to any obligation (other than to
pay current debt service coming due within the next succeeding one year period on any tax -
exempt obligation of the City (other than the Obligation)) or to be held as a reasonably
required res6rve or replacement fund with respect to a obligation of the City or any entity
related in any manner to the City, or to reimburse any expenditure that was originally paid
with the proceeds of any obligation, or to replace funds that are or will be used in such
manner.
6. The resolution is consistent with the budgetary and financial circumstances of the City, as of
the date hereof. No monies from sources other than the Obligation are, or are reasonably
expected to be reserved, allocated on a long -term basis, or otherwise set aside by the City
(or any related party) pursuant to its budget or financial statement.
7. This resolution is adopted as official action of the Issuer in order to comply with Treasury
Regulation §1.103 -18 and any other regulations of the Internal Revenue Service relating to
the qualification for reimbursement of City expenditures incurred prior to the date of
incurrence of the Obligations, is part of the City's official proceedings, and will be available
for inspection by the general public at the main administrative office of the City.
8. All the recitals in this Resolution are true and correct and the City Council of the City of
Newport Beach so finds, determines and represents.
ADOPTED, this 24'" day of July, 2001
ATTEST:
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CITY CLERK
d90I==MUIW 400001,
MAYOR
STATE OF CALIFORNIA }
COUNTY OF ORANGE
CITY OF NEWPORT BEACH }
I, LAVONNE M. HARKLESS, City Clerk of the City of Newport Beach, California, do
hereby certify that the whole number of members of the City Council is seven; that the foregoing
resolution, being Resolution No. 2001 -63 was duly and regularly introduced before and adopted by
the City Council of said City at a regular meeting of said Council, duly and regularly held on the
24th day of July, 2001, and that the same was so passed and adopted by the following vote, to wit:
Ayes: Heffernan, O'Neil, Ridgeway, Glover, Bromberg, Proctor, Mayor Adams
Noes: None
Absent: None
Abstain: None
IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed the
official seal of said City this 25th day of July, 2001.
(Seal)
City Clerk
Newport Beach, California