HomeMy WebLinkAbout2008-92 - Debt Issuance for Sunset Ridge ParkRESOLUTION NO. 2008- 92
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH
REGARDING ITS INTENTION TO ENABLE REIMBURSEMENT OF INTERIM
EXPENDITURES FROM PROCEEDS OF A POSSIBLE FUTURE DEBT ISSUANCE
FOR SUNSET RIDGE PARK
WHEREAS, the City of Newport Beach ( "City ") intends to finance the costs of
construction of the acquisition, and development of a 13.67 acre park situated on the
northern corner of Pacific Coast Highway and Superior Avenue in West Newport Beach
known as Sunset Ridge Park. The Sunset Ridge Park development project will also
include the acquisition and grading of an access road from Pacific Coast Hwy, parking
area, and various active and passive park amenities (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:
1. 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
$15,000,000.00.
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 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 reserve 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.
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 12th day of November, 2008.
ATTEST:
CI-rY CLERK
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. 2008 -92 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
12th day of November 2008, and that the same was so passed and adopted by the following vote, to
wit:
Ayes: Henn, Rosansky, Daigle, Webb, Curry, Gardner, Mayor Selich
Noes: None
Absent: None
Abstain: None
IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed the
official seal of said City this 13th day of November 2008.
(Seal)
City Clerk
Newport Beach, California