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HomeMy WebLinkAbout93-71 - Tax Exempt ObligationsResolution No. 93- 71 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH REGARDING ITS INTENTION TO ISSUE TAX EXEMPT OBLIGATIONS WHEREAS, the City of Newport Beach (the "Issuer') desires to finance the costs of construction of water reservoir, wells, and distribution system hereto and incorporated herein (the "Project "); WHEREAS, the Issuer intends to finance the Project or portions of the Project with the proceeds of the sale of obligations the interest upon which is excluded from isgross income for federal income tax purposes, (the "Obligations "); and WHEREAS, prior to the issuance of the Obligations the Issuer desires to incur certain expenditures with respect to the Project from available monies of the Issuer which expenditures are desired to be reimbursed by the Issuer from a portion of the proceeds of the sale 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: 1. The Issuer hereby states its intention and reasonably expects to reimburse Project costs incurred prior to the issuance of the Obligations with proceeds of the Obligations. 2. The reasonably expected maximum principal amount of the Obligations is $13,500.000. 3. This resolution is being adopted on or prior to the date (the "Expenditures Date or Dates ") that the Issuer will expend monies for the portion of the Project costs to be reimbursed from proceeds of the Obligations. 4. The expected date of issue of the Obligations will be within one year of the later of the Expenditures Date or Dates and the date the Project is placed in service. 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 Issuer (other than the Obligation)) or to be held as a reasonably required reserve or replacement fund with respect to a obligation of the Issuer or any entity related in any manner in the Issuer, 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 Issuer, as of the date hereof. No monies from sources other than the Obligation issue are, or are reasonably expected to be reserved, allocated on a long -term basis, or otherwise set aside by the Issuer (or any related party) pursuant to their budget or financial is not aware of the previous adoption of official intents by the Issuer that have been made as a obligations have not been issued. 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 Issuer expenditures incurred prior to the date of issue of the Obligations, is part of the Issuer's official proceedings, and will be available for inspection by the general public at the main administrative office of the Issuer. 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.