HomeMy WebLinkAboutRESO 9805Resolution No. 9805
Resolution of the Council of the City of Palo Alto Authorizing the Reimbursement
of Funding for the Regional Water Quality Control Plant Primary Sedimentation
Tank and Electrical Upgrade Project from the State Water Resource Control Board
R E C I T A L S
A.design and
constructing and/or reconstructing certain public facilities and improvements relating to
its water and wastewater system, including certain treatment facilities, pipelines and
other infrastructure (the "Project").
B. The City intends to finance the construction and/or reconstruction of the
Project or portions of the Project with moneys ("Project Funds") provided by the State of
California, acting by and through the State Water Resources Control Board (State Water
Board).
C. The State Water Board may fund the Project Funds with proceeds from the
sale of obligations the interest upon which is excluded from gross income for federal
income tax purposes (the "Obligations").
D. Prior to either the issuance of the Obligations or the approval by the State
Water Board of the Project Funds the City desires to incur certain capital expenditures (the
"Expenditures") with respect to the Project from available moneys of the City.
E. The City has determined that those moneys to be advanced on and after the
date hereof to pay the Expenditures are available only for a temporary period and it is
necessary for the State Water Board to reimburse the City for the Expenditures from the
proceeds of the Obligations.
NOW, THEREFORE, the Council of the City of Palo Alto RESOLVES as follows:
SECTION 1. The City hereby states its intention and reasonably expects to reimburse
Expenditures paid prior to the issuance of the Obligations or the approval by the State Water
Board of the Project Funds.
SECTION 2. The reasonably expected maximum principal amount of the Project Funds
is $16,368,000.
SECTION 3. This resolution is being adopted no later than 60 days after the date on
which the City will expend moneys for the construction portion of the Project costs to be
reimbursed with Project Funds.
SECTION 4. Each City expenditure will be of a type properly chargeable to a capital
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