HomeMy WebLinkAboutResolutions - No. LFC-16RESOLUTION NO. LFC-16
A RESOLUTION OF THE LODI FINANCING CORPORATION
DECLARING ITS INTENT TO REIMBURSE CERTAIN
EXPENDITURES FROM PROCEEDS OF INDEBTEDNESS
WHEREAS, the City of Lodi (the "City") owns and operates a wastewater system (the
"System") serving the City and its inhabitants; and
WHEREAS, the City intends to acquire, install, and construct additions, replacements, and
improvements to the System, including outfall relocation, secondary plant improvements, a treatment
wetland, and other improvements (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 $28,000,000 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 reimbursement
expenditures no later than 18 months after the later of (i) the date the cost is paid, or (ii) the date the
Project (or each component thereof) 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 Financing Corporation as follows:
Section 1. The Corporation finds and determines that the foregoing recitals are true and
correct.
Section 2. The Corporation hereby declares its official intent to use proceeds of
indebtedness to reimburse itself for Reimbursement Expenditures.
Section 3. 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
Corporation 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: September 5, 2007
I hereby certify that Resolution No. LFC-16 was passed and adopted by the Lodi Financing
Corporation in a special meeting held September 5, 2007, by the following vote:
AYES: DIRECTORS — Hansen, Hitchcock, Katzakian, Mounce, and
President Johnson
NOES: DIRECTORS — None
ABSENT: DIRECTORS — None
ABSTAIN: DIRECTORS — None
R !DI JOHL.
Seoretar'
LFC-16