HomeMy WebLinkAbout2015-45 CC Reso - Authorizing Reimbursement Funds - Recycled Water System1
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RESOLUTION NO. 2015-45
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF UKIAH AUTHORIZING
REIMBURSEMENT FUNDS TO FINANCE COSTS FOR THE RECYCLED WATER SYSTEM
WHEREAS, the City of Ukiah (the "City ") desires to finance the costs of constructing certain
public facilities and improvements relating to its wastewater system, including the construction
of a Recycled Water System (the "Project "); and
WHEREAS, the City intends to finance the construction of the Project or portions of the Project
with moneys ( "Project Funds ") provided by the State of California, acting by and through the
State Water Resources Control Board (State Water Board); and
WHEREAS, the State Water Board may fund the Project Funds with proceeds from the sale of
obligations the interest upon which is excluded from gross income for federal income tax
purposes (the "Obligations "), and
WHEREAS, prior to either the issuance of the Obligations or the approval by the State Water
Board of the Project Funds the City desires to incur certain capital expenditures (the
"Expenditures ") with respect to the Project from available moneys of the City; and
WHEREAS, the City has determined that those moneys to be advanced on and after the date
hereof to pay the Expenditures are available only for a temporary period and it is necessary to
reimburse the City for the Expenditures from the proceeds of the Obligations.
NOW, THEREFORE, THE CITY DOES HEREBY RESOLVE, ORDER AND DETERMINE AS
FOLLOWS:
SECTION 1. The City hereby states its intention and reasonably expects to reimburse
Expenditures paid prior to the issuance of the Obligations or the approval by the State Water
Board of the Project Funds.
SECTION 2. The reasonably expected maximum principal amount of the Project Funds is
$55,620,000.
SECTION 3. This resolution is being adopted no later than 60 days after the date on which the
City will expend moneys for the construction portion of the Project costs to be reimbursed with
Project Funds.
SECTION 4. Each City expenditure will be of a type properly chargeable to a capital account
under general federal income tax principles.
SECTION 5. To the best of the City's knowledge, the City is not aware of the previous
adoption of official intents by the City that have been made as a matter of course for the
purpose of reimbursing expenditures and for which tax - exempt obligations have not been
issued.
SECTION 6. This resolution is adopted as official intent of the City in order to comply with
Treasury Regulation §1.150 -2 and any other regulations of the Internal Revenue Service
relating to the qualification for reimbursement of Project costs.
SECTION 7. All the recitals in this Resolution are true and correct and this City so finds,
determines and represents.
PASSED AND ADOPTED this 4th day of November, 2015, by the following roll call vote:
AYES: Councilmembers Mulheren, Doble, Brown, Scalmanini, and Mayor Crane
NOES: None
ABSTAIN: None
ABSENT: None
Douglas F. rane, Mayor
ATTEST:
1,iC
Kristine Lawler, City Clerk
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