HomeMy WebLinkAboutRESO7581RESOLUTION NO. 7581
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 OR THE CITY OF PALO ALTO GOLF COURSE
CORPORATION AND DIRECTING CERTAIN ACTIONS
The Council of the City of Palo Alto does RESOLVE as
follows:
WHEREAS, the City proposes to undertake the project
referenced below, to issue obligations for such project (or to
cause the City of Palo Alto Golf Course Corporation to issue its
obligations) and to use a portion of the proceeds of such
obligations to reimburse expenditures made for the project prior to
the issuance of the obligations; and
WHEREAS, United States Income Tax Regulations section
1.150-2 provides generally that proceeds of tax-exempt obligations
are not deemed to be expended when such proceeds are used for
reimbursement of expenditures made prior to the date of issuance of
such obligations 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, it is hereby DECLARED and ORDERED, as
follows:
1. The City intends to issue (or to cause the City of
Palo Alto Golf Course Corporation to issue) obligations (the
"Obligations") for the purpose of paying the costs of major
improvements to the City's Golf Course, located on Embarcadero Road
in the City. The improvements consist of the following project
elements: drainage, roughs, irrigation, fairways, traps, greens,
driving range, tees, parking lot, practice facilities, paths,
fencing, irrigation lake, maintenance yard, pro shop, and design
costs (the "Project").
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
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the Project that are paid before the itite of iSANWW471, eat c ete (b1 igaat iris
3. The maximum princ3;a1 amoFant thw ObligatJone is
$9,000,000.
INTRODUCED AND PASSED : Apr i I ?2 . 9 i 96
AXES: ANDERSEN, FAZZINO, HU&EE , KNS Ss, MCCO`w"N . R6.,0si41,4.. Ss. W/ Mr . WM1TtAL,
WHEELER
NOES:
ABSENT:
ABSTENTIONS:
ATTEST:
APPROVED AS TO FORM:
Sjenior Asst. City Attorney
J►_PPRDVRD:
Manager
16 4
(1„
Depmty City Manager,
ini:rtrati4o Se rvi
Director o
$*nevi cls
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