HomeMy WebLinkAboutRES NO RA004-07
RESOLUTION NO.
R A
004-07
RESOLUTION FOR THE DECLARATION OF OFFICAL
INTENT OF THE BAKERSFIELD REDEVELOPMENT
AGENCY TO REIMBURSE CERTAIN EXPENDITURES
FROM PROCEEDS OF OBLIGATION.
WHEREAS, the Bakersfield Redevelopment Agency (the "Public Agency")
intends to construct the Millcreek Linear Park and refurbish the Kern Island canal
between Golden State Highway and California Avenue(the "Project"); and
WHEREAS, the Public Agency expects to pay certain expenditures (the
"Reimbursement Expenditures") in connection with the Project prior to incurring
indebtedness for the purpose of financing costs associated with the Project on a long-
term basis; and
WHEREAS, the Public Agency reasonably expects that a financing arrangement
("Obligation") in an amount not expected to exceed $10,000,000 will be entered into and
that certain proceeds of such Obligation will be used to pay the Reimbursement
Expenditures; and
NOW, THEREFORE, IT IS HEREBY RESOLVED by the Bakersfield
Redevelopment Agency as follows:
Section 1. It finds and determines that the foregoing recitals are true and correct.
Section 2. This declaration is made solely for the purposes of establishing
compliance with the requirements of Section 1.150-2 of the Treasury Regulations. This
declaration does not bind the Public Agency to make any expenditure, incur any
indebtedness, or proceeds with the Project.
Section 3. The Public Agency hereby declares its official intent to use proceeds
of the Obligation to reimburse itself for Reimbursement Expenditures.
Section 4. All of the Reimbursement Expenditures were made no earlier than 60
days prior to the date of this Declaration. The Public Agency will allocate proceeds of
the Obligation to pay Reimbursement Expenditures within eighteen (18) months of the
later of the date the original expenditure is paid or the date the Project is placed in
service or abandoned, but in no event more than three (3) years after the original
expenditure is paid.
Section 5. This declaration shall take effect from and after its adoption.
AGENCY
ORIGINAL
I HEREBY CERTIFY that the foregoing Resolution was passed and adopted by
the Bakersfield Redevelopment Agency at a regular meeting thereof held on
SfP 1 0 2007 by the following vote:
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NOES:
ABSTAIN:
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II"'/j/" V--v v-/
AGENCY MEMBER BENTLEY. COHEN, KOMAN. MISHOE, ORDIZ, PRINCE. TAKII
AGENCY MEMBER
AGENCY MEMBER
AGENCY MEMBER .::'\ ~ _
L1~
SECRETARY of the Bakersfield
Redevelopment Agency
APPROVED:
SEP 1 0 ZOOl
F ERICK PRINCE, CHAIRPERSON
BAKERSAELDREDEVELOPMENTAGENCY
APPROVED AS TO FORM:
VIRGINIA GENNARO
GENERAL COUNSEL
BY:~.~ ~
AGENCY
ORIGINAL