HomeMy WebLinkAboutRES NO 129-97RESOLUTION NO. 1 2 9 - 9 7
RESOLUTION DECLARING OFFICIAL INTENT
OF CITY OF BAKERSFIELD
TO REIMBURSE CERTAIN EXPENDITURES
FROM PROCEEDS OF INDEBTEDNESS
SEWER REVENUE BONDS, SERIES 1997
WHEREAS, the City of Bakersfield (the "Issuer") intends
to acquire the necessary real property and to construct and
furnish a project of capital improvements to the wastewater
system of the City (the "Project");
WHEREAS, the Issuer expects to pay certain expenditures
(the "Reimbursement Expenditures") in connection with the Project
prior to the issuance of indebtedness for the purpose of
financing costs associated with the Project on a long-term basis;
WHEREAS, the Issuer reasonably expects that debt
obligations in an amount not expected to exceed $25,000,000 will
be issued and that certain of the proceeds of such debt
obligations will be used to reimburse the Reimbursement
Expenditures; and
NOW, THEREFORE, the Issuer, through its City Council,
declares:
Section 1. The Issuer finds and determines that the
foregoing recitals are true and correct.
Section 2. This declaration is made solely for
purposes of establishing compliance with the requirements of
Section 1.150-2 of the Treasury Regulations. This declaration
does not bind the Issuer to make any expenditure, incur any
indebtedness, or proceed with the Project.
Section 3. The Issuer hereby declares its official
intent to use proceeds of indebtedness to reimburse itself for
Reimbursement Expenditures.
Section 4. This resolution shall take effect from and
after its adoption.
ORIGINAl
I HEREBY CERTIFY that the foregoing Resolution was
passed and adopted by the City Council of the City of Bakersfield
at a regular meeting thereof held on August 20, 1997, by the
following vote:
AYES: COUNCILMEMBER DeMOND, CN:~SON, SfV~tT,, McDERMOTT, ROWLE$, SULLIVAN, $ALVAG(310
NOES: COUNCILMEM.. ER F~ ro ,~
ABSTAIN: COUNCILMEMBER ~ f(~ ~'
ABSENT: COUNCILMEMBER ",-.~.Y~ Jc~[~_.~
CITY CLERK and EX OFFICe0 CLERK of the
City Council of the Cit~ of Bakersfield
APPROVED: AU~ 2 0 1997
CITY OF BAKERSFIELD
APPROVED AS TO FORM:
JUDY K. SKOUSEN
CITY ATTORNEY
2
ORIGiNAl: