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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: