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• RESOLUTION NO. 2005- 30 <br />A RESOLUTION OF THE CITY COUNCIL OF <br />THE CITY OF NEWPORT BEACH <br />REGARDING ITS INTENTION TO ENABLE REIMBURSEMENT OF INTERIM <br />EXPENDITURES FROM PROCEEDS OF A POSSIBLE FUTURE DEBT ISSUANCE <br />AND RESCIND RESOLUTION NO. 2003 -41. <br />WHEREAS, the City of Newport Beach ( "City') may finance the costs of construction of a <br />new City Hall, Fire Station, and Parking Structure complex (the "Project'); <br />WHEREAS, the City may finance the Project or portions of the Project with the proceeds of <br />obligations, the interest upon which is excluded from gross income for federal income tax <br />purposes, (the "Obligations "); and <br />WHEREAS, prior to incurring Obligations the City may incur certain expenditures with <br />respect to the Project from available monies of the City, which expenditures are desired to be <br />reimbursed by the City from a portion of the proceeds of the Obligations; <br />NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Newport Beach <br />hereby resolve, order and determine as follows: <br />1. The City hereby states its intention and reasonably expects to reimburse Project costs <br />incurred prior to the incurrence of the Obligations with proceeds of the Obligations. <br />• 2. The reasonably expected maximum principal amount of the Obligations is <br />$50,000,000.00. <br />3. This resolution is being adopted on or prior to the date (the "Expenditures Date or <br />Dates ") that the City will expend monies for the portion of the Project costs to be <br />reimbursed from proceeds of the Obligations. <br />4. The expected date of incurrence of the Obligations will be within one year of the <br />Expenditures Date or Dates or the date the Project is placed in service, whichever <br />occurs last. <br />5. Proceeds of the Obligations to be used to reimburse for Project costs are not expected <br />to be used directly or indirectly to pay debt service with respect to any obligation (other <br />than to pay current debt service coming due within the next succeeding one year period <br />on any tax - exempt obligation of the City (other than the Obligation)) or to be held as a <br />reasonably required reserve or replacement fund with respect to a obligation of the City <br />or any entity related in any manner to the City, or to reimburse any expenditure that was <br />originally paid with the proceeds of any obligation, or to replace funds that are or will be <br />used in such manner. <br />6. The resolution is consistent with the budgetary and financial circumstances of the City, <br />as of the date hereof. No monies from sources other than the Obligation are, or are <br />• reasonably expected to be reserved, allocated on a long -term basis, or otherwise set <br />aside by the City (or any related party) pursuant to its budget or financial statement. <br />