HomeMy WebLinkAboutResolutions - No. 2003-247RESOLUTION NO. 2003-247
A RESOLUTION OF THELOD.1 CITY COUNCIL
DECLARING ATS.INT E.NT.TO:REIMBURSE
CERTAIN EXPENDITURES.FROM. PROCEEDS
OFINDEBTEDNESS
WHEREAS, the :City of Lodi (the "City") owns and operates a wastewater system (the "System")
serving the City and its inhabita nt a; and
WHEREAS the City intends to acquire, install, and construct additions, replacements, and
improvements to the System, including land (or interests therein) and equipment (the "Project"); and
WHEREAS, the City 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; and
WHEREAS, the. City reasonably expects that debt obligations in an amount not expected to
exceed $25,000,000 will beissued in connection with the Project and that certain portions of the proceeds
of such debt obligations will be used to reimburse the Reimbursement Expenditures.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lodi that:
Section 1. The City finds and determines that the foregoing recitals are true and correct.
Se tion 2. The City hereby declares its official intent to use proceeds of indebtedness to
reimburse itself for Reimbursoment Expenditures.
Section _�. This declaration is made solely for purposes of establishing compliance with the
requirements of Section 1,150-2 of the Treasury Regulations. This declaration does not bind the City to
make any expenditure, incur any indebtedness, or proceed with the Project.
_$ection 4. This resolution shall take effect from and after its adoption.
Dated: December 17, 2003
I hereby certify that Resolution No. 2003-247 was passed and adopted by the Lodi City Council in
a regular meeting held December r 17, . 2003, by the following vote:
AYES: COUNCIL MEMBERS - Beckman, Hitchcock, Howard, Land, and Mayor Hansen
NOES: COUNCIL MEMBERS - None
ABSENT- COUNCIL MEMBERS - None
ABSTAIN: COUNCIL MEMBERS - None
SUSAN J, BLACKSTON
City Clerk
2003-247