HomeMy WebLinkAboutRESO 9607160609 jb 0131526 1
Resolution No. 9607
Resolution of the Council of the City of Palo Alto Declaring Its Intention to
Reimburse Expenditures from the Proceeds of TaxExempt Obligations
to be Issued by the City
R E C I T A L S
A. The City proposes to undertake the project referenced below, to issue, execute
and deliver a taxexempt financing lease, either on a private placement basis or using
certificates of participation Lease
proceeds of the Lease to reimburse expenditures made for the project prior to the issuance of
the Lease.
B. United States Income Tax Regulations section 1.150 2 provides generally that
proceeds of taxexempt 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 prior to the payment of any such
expenditure, the issuer declares an intention to reimburse such expenditure.
C. 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 RESOLVES as follows:
SECTION 1. The City intends to cause the Lease to be executed and delivered for the
purpose of paying the costs of renovating and reconfiguring the Palo Alto Municipal Golf Course
(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 execution and delivery of the Lease, and (ii) to use a portion
of the proceeds of the Lease for reimbursement of expenditures for the Project that are paid
before the date of execution and delivery of the Lease.
SECTION 3. The maximum principal amount of the Lease is expected to be Ten Million
Five Hundred Thousand dollars ($10,500,000).
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DocuSign Envelope ID: 4EACA40B-A248-427E-8961-3D95745BA86A
160609 jb 0131526 2
SECTION 4. The Council finds that the adoption of this resolution does not constitute a
project under the California Environmental Quality Act and CEQA Guidelines, and therefore, no
environmental assessment is required.
INTRODUCED AND PASSED: June 20, 2016
AYES: BURT, DUBOIS, FILSETH, HOLMAN, KNISS, SCHARFF, SCHMID, WOLBACH
NOES:
ABSENT: BERMAN
ABSTENTIONS:
ATTEST:
City Clerk Mayor
APPROVED AS TO FORM: APPROVED:
Senior Asst. City Attorney City Manager
Director of Administrative Services
Director of Community Services
DocuSign Envelope ID: 4EACA40B-A248-427E-8961-3D95745BA86A
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