CC Resolution 1991-0662
^ ? RESOLUTION NO. 91-66
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF LA QUINTA REGARDING ITS
INTENTION TO ISSUE TAX-EXEMPT
OBLIGATIONS
WHEREAS, the City of La Quinta the Issuer") desires
to finance the costs of acquiring certain improvements to be
used as an administrative facility the Project");
WHEREAS, the Issuer intends to finance the acquisition
of the Project or portions of the Project with the proceeds of
money to be received by the lessor of the Project from an
assignment of the income of a lease with the Issuer the
interest upon which is excluded from gross income for federal
income tax purposes the Obligation");
WHEREAS, prior to the issuance of the Obligation the
Issuer desires to incur certain expenditures with respect to
the Project from available monies of the Issuer which
expenditures are desired to be reimbursed by the Issuer from a
portion of the proceeds of the sale of the Obligation;
NOW, THEREFORE, the City Council of the City of La
Quinta DOES HEREBY RESOLVE, ORDER AND DETERMINE AS FOLLOWS:
SECTION 1. The Issuer hereby states its intention to
reimburse Project costs incurred prior to the issuance of the
Obligation with proceeds of the Obligation.
SECTION 2. The reasonably expected source of funds
heretofore used and to be utilized to pay Project costs prior
to the issuance of the Obligation 5 the general fund of the
Issuer. The reasonably expected source of funds to be used to
pay lease payments on the Obligation are the general funds of
the Issuer.
SECTION 3. This resolution has been adopted on or
prior to the date the Expenditures Date or Dates") that the
Issuer will expend monies for the portion of the Project costs
to be reimbursed from proceeds of the Obligation; the
Expenditure Date or Dates will not be more than two years from
the date hereof.
SECTION 4. The Expenditure Date or Dates will be
within one year of the date of issue of the Obligation.
SECTION 5. The Project has an economic life of at
least one year.
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SECTION 6. Proceeds of the Obligation to be used to
reimburse for Project costs are not expected to be used
directly or indirectly to pay debt service with respect to any
tax-exempt obligation other than to pay current debt service
coming due within the next succeeding one year period on any
tax-exempt obligation of the Issuer other than the
Obligation)) or to be held as a reasonably required reserve or
replacement fund with respect to a tax-exempt obligation of the
Issuer or any entity related in any manner to the Issuer, or to
reimburse any expenditure that was originally paid with the
proceeds of any tax-exempt obligation, or to replace funds that
are or will be used in such manner.
SECTION 7. This resolution is consistent with the
budgetary and financial circumstances of the Issuer, as of the
date hereof. No monies have been, or are reasonably expected
to be permanently a*located or available to be permanently
allocated considering the expected future expenditures of the
Issuer and a reasonable working capital balance needed to be
maintained by the Issuer), or otherwise reserved in the
Issuer*s budget for the Pr6ject costs other than proceeds of
the Obligation). There are no available amounts in a fund of
the Issuer that have in the past been customarily utilized to
pay for expenditures similar to the Project costs.
SECTION 8. This resolution is adopted as official
action of the Issuer in order to comply with any applicable
regulations of the Internal Revenue Service relating to the
qualification for reimbursement of Issuer expenditures incurred
prior to the date of issue of the Obligation, is part of the
Issuer*s official proceedings, and will be available for
inspection by the general public at the main administrative
office of the Issuer or at the customary location of records of
the Issuer that are available to the general public on every
business day during normal business hours of the Issuer during
the period beginning ten 10) days after the date hereof and
ending on the date of issue of the Obligation.
SECTION 9. All the recitals in this Resolution are
true and correct and this City Council so finds, determines and
represents.
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ADOPTED, SIGNED AND APP*OVED this 9th day of
September, 1991.
SEAL)
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STATE OF CALIFORNIA
55.
COUNTY OF RIVERSIDE
I, Saundra Juhola, City Clerk of the City of La Quinta, do
hereby certify that the foregoing resolution was duly adopted
by the City Council at an adjourned regular meeting held on the
9th day of September, 1991, and that it was so adopted by the
following vote:
AYES: Council Members Franklin, Rushworth & Mayor Pena
NOES: None
ABSENT: Council Member Bohnenberger
ABSTAIN: Council Member S
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^ ?STATE OF CALIFORNIA
ss.
COUNTY OF RIVERSIDE
I, SAUNDRA L. JUHOLA, City Clerk of the City of La
Quinta, DO HEREBY CERTIFY that the above and foregoing is a
full, true and correct copy of Resolution No. 91-66 and that
said Resolution was adopted at the time and by the vote stated
on the above certificate, and has not been amended or repealed.
Dated: September 9, 1991 lerk
SEAL)
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