HomeMy WebLinkAbout2017-09 CC Reso - Auth Application for CA Infrastructure & Econ Dev Bank for RBP1
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RESOLUTION NO. 2017-09
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF UKIAH AUTHORIZING THE
SUBMISSION OF THE APPLICATION TO THE CALIFORNIA INFRASTRUCTURE AND
ECONOMIC DEVELOPMENT BANK FOR FINANCING OF REDWOOD BUSINESS PARK
INFRASTRUCTURE IMPROVEMENTS, DECLARATION OF OFFICIAL INTENT TO
REIMBURSE CERTAIN EXPENDITURES FROM PROCEEDS OF OBLIGATION, AND
APPROVING CERTAIN OTHER MATTERS IN CONNECTION THEREWITH
WHEREAS, the California Infrastructure and Economic Development Bank ("I -Bank")
administers a financing program to assist local governments with the financing of Public
Development Facilities as described in Section 63000 et seq. of the California Government
Code (the "Act"); and,
WHEREAS, the I -Bank has instituted an application process for financing under its
Infrastructure State Revolving Fund Program ("ISRF Program"); and,
WHEREAS, the City of Ukiah ("Applicant") desires to submit an application ("Financing
Application") to the I- Bank from the ISRF Program for the financing of Redwood Business Park
Infrastructure Improvements ("Project") in an amount not to exceed $4,000,000; and,
WHEREAS, the Act requires the Applicant to certify by resolution certain findings prior to
a Project being selected for financing by the I -Bank; and,
WHEREAS, the Applicant expects to pay certain expenditures (the "Reimbursement
Expenditures") in connection with the Project prior to incurring indebtedness for the purpose of
financing costs associated with the Project on a long-term basis; and
WHEREAS, the Applicant reasonably expects that a financing arrangement
("Obligation") in an amount not expected to exceed $4,000,000 will be entered into and that
certain of the proceeds of such Obligation will be used to reimburse the Reimbursement
Expenditures.
NOW, THEREFORE, the City Council for the City of Ukiah does resolve as follows:
Section 1. The City Council for the City of Ukiah hereby approves the filing of an ISRF
Program Financing Application with the I -Bank for the Project; and in connection
therewith certifies:
a. that the Project is consistent with the General Plan of both the City of Ukiah and
the County of Mendocino;
b. the proposed financing is appropriate for the Project;
c. the Project facilitates effective and efficient use of existing and future public
resources so as to promote both economic development and conservation of
natural resources;
d. the Project develops and enhances public infrastructure in a manner that will
attract, create, and sustain long-term employment opportunities; and
e. the Project is consistent with the I -Bank's Criteria, Priorities and Guidelines for
the ISRF Program.
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Section 2. The Applicant hereby declares its official intent to use proceeds of the
Obligation to reimburse itself for Reimbursement Expenditures. 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 Applicant to make any
expenditure, incur any indebtedness, or proceed with the Project.
Section 3. All of the Reimbursement Expenditures were made no earlier than 60 days
prior to the date of this Declaration. The Applicant will allocate proceeds of the
Obligation to pay Reimbursement Expenditures within eighteen (18) months of the later
of the date the original expenditure is paid or the date the Project is placed in service or
abandoned, but in no event more than three (3) years after the original expenditure is
paid.
Section 4. City Manager for the City of Ukiah is hereby authorized and directed to act
on behalf of the City of Ukiah in all matters pertaining to this application.
Section 5. If the application is approved, the City Manager for the City of Ukiah is
authorized to enter into and sign the financing documents and any amendments thereto
with the I -Bank for the purposes of this financing.
Section 6. This resolution shall become effective immediately upon adoption.
PASSED, APPROVED AND ADOPTED at a regular meeting of Ukiah City Council on
the 18th day of January 2017, by the following vote:
AYES: Councilmembers Scalmanini, Mulheren, Doble, and Mayor Brown
NOES: None
ABSENT: Councilmember Crane
ABSTAIN: None
ATTEST:
44 AAA 1 _' ,iIIL
Kristine Lawler, City Clerk
9I /4> 1114 -1' --
Jim
/1r'1-Jimi Brown, Mayor
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