HomeMy WebLinkAboutRESO 7956RESOLUTION NO. 7956 --'--'-"--'-----RESOLUTION OF THE COUNCIL OF THE CITY OF PALO
ALTO DECLARING INTENTION TO REIMBURSE
EXPENDITURES FROM THE PROCEEDS OF OBLIGATIONS
TO BE ISSUED BY THE CITY AND DIRECTING
CERTAIN ACTIONS
The Council of the City of Palo Alto does hereby RESOLVE
as follows:
WHEREAS, the City proposes to undertake the project
referenced below, to issue debt for such project and to use a
portion of the proceeds of such debt to reimburse expenditures
made for the project prior to the issuance of the debt;
WHEREAS, United States Income Tax Regulations section
1.150-2 provides generally that proceeds of tax-exempt debt are
not deemed to be expended when such proceeds are used for
reimbursement o.f expenditures made prior to the date of issuance
of such debt unless certain procedures are followed, one of which
is a requirement that (with certain exceptions) , prior to the
payment of any such expenditure, the issuer declares an intention
to reimburse such expenditure; and
WHEREAS, it is in the public interest and for the public
benefit that the City declares its official intent to reimburse
the expenditures referenced herein.
NOW, THEREFORE, the Council of the City of Palo Alto does
hereby RESOLVE as follows:
SECTION 1. The City intends to issue obligations (the
"Obligations II) for the purpose of paying the costs of acquiring
and improving a public park along Homer Avenue between Waverley
Street and Bryant Street, acquisition and improvement of the Roth
Building at 300 Homer Avenue, and other development obligations
.of the City with respect to the South of Forest Coordinated Area
Plan (the "Project").
SECTION 2. The City hereby declares that it reasonably
expects (i) to pay certain costs of the Project prior to the date
of issuance of the Obligations, and (ii) to use a portion of the
proceeds of the Obligations for reimbursement of expenditures for
the Project that are paid before the date of issuance of the
Obligations.
II
II
000406 cl 0032323 1
SECTION 3. The maximum principal
Obligations is $12,500,000.
INTRODUCED AND PASSED: April 10, 2000
amount
AYES: BEECHAM, BURCH, EAKINS, KLEINBERG, KNISS, LYTLE, MOSSAR
NOES:
ABSENT: FAZZINO
NOT PARTICIPATING: OJAKIAN
ABSTENTIONS:
~.City Clerk
APPROVED AS TO FORM:
~~. 0, c.--1)_~
§enior Asst. City Attorney
000406 cl 0032323
APPROVED:
2
of the