HomeMy WebLinkAboutRES NO 43-96Resolution No. ~= 3 - 9 6
RESOLUTION OF OFFICIAL INTENT OF THE CITY OF BAKERSFIELD
TO REIMBURSE CERTAIN EXPENDITURES
FROM PROCEEDS OF INDEBTEDNESS
WHEREAS, the City of Bakersfield (the "City") intends to assist a nonprofit
corporation, such as the National Economic Development Council or another corporation to
be designated by the City Council of Bakersfield in the future (the "Corporation') in the
financing of the acquisition, construction, installation and improvement of an ice skating
center and related improvements (the "Project");
WHEREAS, the City and the Corporation expect 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 City reasonably expects that debt obligations in an amount not
expected to exceed $6,500,000 will be issued and that certain of the proceeds of such debt
obligations will be used to reimburse the Reimbursement Expenditures;
NOW, THEREFORE, be it resolved by the City Council of the City of
Bakersfield, as follows:
1. The City Council of the City finds and determines that the foregoing recitals
are true and correct.
2. This resolution is made solely for purposes of establishing compliance with
the requirements of Section 1.150-2 of the Treasury Regulations. This resolution does not
bind the City to make any expenditure, incur any indebtedness, or proceed with the Project.
3. The City hereby declares its official intent to use proceeds of indebtedness
to reimburse itself for Reimbursement Expenditures.
4. This resolution shall take effect from and after its adoption.
the
I HEREBY CERTIFY that the foregoing Resolution was passed and adopted by
Council of the City of Bakersfield at a regular meeting thereof held on
MAR 2 t) ~6 , by the following vote:
AYES: COUNCILMEMBER DeMOND, CARSON, ,,~, ITH, I,t~(~ERMOTT, ~ SULUVAN, SALVAGGIO
NOES: COUNCILMEMBER ~..~ ~l~
ABSTAIN: COUNCILMEMBER
ABSENT: COUNQI~EIV~F.9
~.ct±ng CITY CLERK and EX OFFICI~¥of the
Council of the City of Bakersfield
APPROVED MAR 2 0 1996
MAYOR
APPROVED TO AS TO FORM:
JUDY K. SKOUSEN
City Attorney
ROBERT M, SHERFY
Chief Assistant City Attorney
ORRICK, HERRINGTON & SUTCLIFFE
Partner
Of~IGINAi