93-71 - Tax Exempt Obligations
93-71 - Tax Exempt Obligations
1/18/2013 2:05:05 AM
12/9/2012 12:25:10 AM
Resolutions and Ordinances
Tax Exempt Obligations
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Resolution No. 93- 71 <br />A RESOLUTION OF THE CITY COUNCIL OF <br />THE CITY OF NEWPORT BEACH <br />REGARDING ITS INTENTION TO ISSUE TAX EXEMPT OBLIGATIONS <br />WHEREAS, the City of Newport Beach (the "Issuer') desires to finance the <br />costs of construction of water reservoir, wells, and distribution system hereto and <br />incorporated herein (the "Project "); <br />WHEREAS, the Issuer intends to finance the Project or portions of the Project <br />with the proceeds of the sale of obligations the interest upon which is excluded from <br />isgross income for federal income tax purposes, (the "Obligations "); and <br />WHEREAS, prior to the issuance of the Obligations the Issuer desires to <br />incur certain expenditures with respect to the Project from available monies of the <br />Issuer which expenditures are desired to be reimbursed by the Issuer from a <br />portion of the proceeds of the sale of the Obligations; <br />• <br />NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of <br />Newport Beach hereby resolve, order and determine as follows: <br />1. The Issuer hereby states its intention and reasonably expects to reimburse <br />Project costs incurred prior to the issuance of the Obligations with proceeds of <br />the Obligations. <br />2. The reasonably expected maximum principal amount of the Obligations is <br />$13,500.000. <br />3. This resolution is being adopted on or prior to the date (the "Expenditures Date <br />or Dates ") that the Issuer will expend monies for the portion of the Project costs <br />to be reimbursed from proceeds of the Obligations. <br />4. The expected date of issue of the Obligations will be within one year of the later <br />of the Expenditures Date or Dates and the date the Project is placed in service. <br />5. Proceeds of the Obligations to be used to reimburse for Project costs are not <br />expected to be used directly or indirectly to pay debt service with respect to any <br />obligation (other than to pay current debt service coming due within the next <br />succeeding one year period on any tax- exempt obligation of the Issuer (other <br />than the Obligation)) or to be held as a reasonably required reserve or <br />replacement fund with respect to a obligation of the Issuer or any entity related <br />in any manner in the Issuer, or to reimburse any expenditure that was <br />originally paid with the proceeds of any obligation, or to replace funds that are <br />or will be used in such manner. <br />6. The resolution is consistent with the budgetary and financial circumstances of the <br />Issuer, as of the date hereof. No monies from sources other than the Obligation <br />issue are, or are reasonably expected to be reserved, allocated on a long -term <br />basis, or otherwise set aside by the Issuer (or any related party) pursuant to their <br />budget or financial is not aware of the previous adoption of official intents by the <br />Issuer that have been made as a obligations have not been issued. <br />7. This resolution is adopted as official action of the Issuer in order to comply <br />with Treasury Regulation § 1.103 -18 and any other regulations of the Internal <br />Revenue Service relating to the qualification for reimbursement of Issuer <br />expenditures incurred prior to the date of issue of the Obligations, is part of the <br />Issuer's official proceedings, and will be available for inspection by the general <br />public at the main administrative office of the Issuer. <br />8. All the recitals in this Resolution are true and correct and the City Council of <br />the City of Newport Beach so finds, determines and represents. <br />
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