HomeMy WebLinkAboutRES NO 130-98RESOI VTIOS NO. I 3 0 ' 9 8
RESOLUTION DECLARING OFFICIAL INTENT
OF CITY OF BAKERSFIELD
TO REIMBURSE CERTAIN EXPENDITURES
FROM PROCEEDS OF INDEBTEDNESS
SEWER REVENUE BONDS, SERIES 1999
WHEREAS, the City of Bakersfield (the "Issuer") intends 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 $10,000,000 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 declaration shall take effect from and after its adoption.
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I HEREBY CERTIFY that the foregoing Resolution was oassed and adopted by the
City Council of the City of Bakersfield at a regular meeting thereof held on 01~ 0 '~ ~! , 1998, by the
following vote:
APPROVED5 -. I}[~1 11 ! ~
CITY OF BAKEi:~IFIELD
CITY CLERK and EX OFFICIO CL~;~RIK of the City
of the City of Bakersfield
Council
APPROVED AS TO FORNI:
CITY ATTORNEY
By:/
-2-
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