HomeMy WebLinkAboutRESO 8649RESOLUTION NO 8649
RESOLUTION OF THE COUNCIL OF THE CITY OF PALO
ALTO DECLARING INTENTION TO REIMBURSE
EXPENDITURES FROM THE PROCEEDS OF BONDS TO BE
ISSUED BY THE CITY
WHEREAS, the City proposes to undertake the project
referenced below, to issue general obligation bonds or other
obligations (the "Bonds ") to finance such proj ect, and use a
portion of the proceeds of the Bonds to reimburse expenditures
made for the project prior to the issuance of the Bonds;
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 of 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 RESOLVE as follows:
SECTION 1. The Ci ty intends to cause the Bonds to be
issued for the purpose of paying the costs of: 1) acquiring land
located at 2747/2785 Park Blvd., between Sheridan and Page Mill
Road, to be used as the site of a new public safety facility
(the "Site"), and 2) designing and constructing on the Site a
two story (with basement) building of approximately 49,600
square feet, to be used as a police station, and a parking
garage (together, the "Project").
SECTION 2. The City hereby declares that it reasonably
expects (i) to pay certain costs of the Proj ect prior to the
date of issuance of the Bonds and (ii) to use a portion of the
proceeds of the Bonds for reimbursement of expenditures for the
Project that are paid before the date of issuance of the Bonds.
SECTION 3. The maximum principal amount of the Bonds is
expected to be $46,000,000.
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SECTION 4. The Council finds that this is not a
project under the California Environmental Quality Act and,
therefore, no environmental impact assessment is necessary.
INTRODUCED AND PASSED: September 25, 2006
AYES: BARTON, BEECHAM, CORDELL, DREKMEIER, KISHIMOTO, KLEIN,
KLEINBERG, MORTON, MOSSAR
NOES:
ABSENT:
ABSTENTIONS:
APPROVED AS TO FORM: ~~ O~~~City ~ttorney
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060919 cjs 8260314