HomeMy WebLinkAboutResolutions - No. 2010-01RESOLUTION NO. 2010-01
A RESOLUTION OF THE LODI CITY COUNCIL DECLARING ITS
INTENT TO REIMBURSE CERTAIN EXPENDITURES FROM
PROCEEDS OF INDEBTEDNESS
WHEREAS, the City intends to design and construct a surface water treatment plant
and related appurtenances (the "Project"); and
WHEREAS, the City expects to pay certain expenditures (the "Reimbursement
Expenditures") in connection with the Project prior to the issuance of bonded indebtedness for
the purpose of financing costs associated with the Project; and
WHEREAS, the City reasonably expects that debt obligations will be issued in
connection with the project and that certain of the proceeds of such debt obligations will be
used to reimburse the Reimbursement Expenditures; and
WHEREAS, proceeds of such debt obligations will be allocated to reimburse
expenditures no later than 18 months after the later of (i) the date the cost is paid, or (ii) the
date the Project is placed in service or abandoned (but in no event more than three years after
the cost is paid).
NOW, THEREFORE, BE IT RESOLVED by the Lodi City Council as follows:
Section 1. The City finds and determines that the foregoing recitals are true and correct.
Section 2. The City herby declares its official intent to use proceeds of indebtedness to
reimburse itself for Reimbursement Expenditures.
Section 3. 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 City to make any expenditure, incur any indebtedness, or proceed with the Project.
Section 4. This resolution shall take effect from and after its adoption.
Dated: January 6, 2010
I hereby certify that Resolution No. 2010-01 as passed and adopted by the City Council
of the City of Lodi in a regular meeting held January 6, 2010, by the following votes:
AYES: COUNCIL MEMBERS — Hansen, Johnson, and Mayor Katzakian
NOES: COUNCIL MEMBERS— Mounce
ABSENT: COUNCIL MEMBERS— Hitchcock
ABSTAIN: COUNCIL MEMBER:
2010-01