HomeMy WebLinkAbout1994-384
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RESOLUTION NO. 94-184
RESOLUTION OF THE CITY OF SAN BERNARDINO DECLARING ITS
OFFICIAL INTENT TO REIMBURSE ITSELF WITH THE PROCEEDS OF THE 800
MHz TAX-EXEMPT BORROWING FOR CERTAIN CAPITAL EXPENDITURES
UNDERTAKEN BY THE CITY.
BE IT RESOLVED BY THE MAYOR AND COMMON COUNCIL OF THE CITY OF
SAN BERNARDINO AS FOLLOWS:
WHEREAS, the Mayor and Common Council have determined that it
is in the best interests of the city to make certain capital
expenditures for an 800 megahertz communications system (the
"Project") which Project was acquired less than 60 days prior to
the date of this resolution; and
WHEREAS, the city currently intends and reasonably expects to
participate in a tax-exempt borrowing to finance such capital
expenditures in an amount not to exceed $282,355.24 for reimbursing
the City for the Project; and
15 WHEREAS, the Mayor and Common Council hereby desires to
16 declare its official intent, pursuant to section 1.l50-2 of the
17 resolution promulgated under the Internal Revenue Code of 1986, as
18 amended, to reimburse the City for such capital expenditures with
19 the proceeds of the City's future tax-exempt borrowing.
20 NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY OF
SAN BERNARDINO DO HEREBY FIND, DETERMINE AND ORDER AS FOLLOWS:
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Declaration of Official Intent.
The City
SECTION 1.
acquired the project not more than 60 days prior to the date hereof
by paying all or a portion of the costs thereof with moneys
borrowed from funds and accounts of the City which moneys have not
been, and are not reasonably expected to be, allocated to the
Project or budgeted to pay for the Project on a long term basis.
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'94-384
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SECTION 2. Issuance of Obliqation. The City presently
intends and reasonably expects to participate in a tax-exempt
borrowing within 18 months of the date of the expenditure of moneys
for the Project and to allocate an amount not to exceed $282,355.24
of the proceeds thereof to reimburse the City for its expenditures
in connection with the Project.
SECTION 3. Effective Date of Resolution. The resolution
shall take effect immediately upon its passage.
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94-384
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I HEREBY CERTIFY that the foregoing resolution was duly
adopted by the Mayor and Common Council of the City of San
regular
Bernardino at a
meeting thereof, held on
the 19th
day of December
, 1994 by the following
vote to wit:
COUNCIL MEMBERS
NEGRETE
CURLIN
HERNANDEZ
OBERHELMAN
DEVLIN
POPE-LUDLAM
MILLER
The foregoing resolution is hereby approved this 21st day
December
of
1994.
~./&.\
/ rr:l( ( 1'lu~
; T6M MINOR, Mayor
City of San Bernardino
22 Approved as to form
and legal content:
23
JAMES F. PENMAN
24 city Attorney
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26 By~/l)1M<<~~
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