HomeMy WebLinkAboutReso - CC - 001-1998RESOLUTION NO. 1-98
RESOLUTION OF OFFICIAL INTENT OF THE CITY COUNCIL
OF THE CITY OF BURLINGAME TO REIMBURSE
CERTAIN EXPENDITURES FROM PROCEEDS OF INDEBTEDNESS
(WASTEWATER SYSTEM)
RESOLVED, by the City Council of the City of Burlingame:
WHEREAS, the City of Burlingame intends to design, plan, install, acquire, and construct
various improvements to its wastewater system, including but not limited to the California Drive
Interceptor Project ("Project"), and
WHEREAS, the City expects to pay certain expenditures ("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 $5,000,000 will be issued and that certain of the proceeds of such debt obligations will be
used to reimburse the Reimbursement Expenditures; and
WHEREAS, Section 1.150-2 of the Treasury Regulations requires the City to declare its
reasonable official intent to reimburse prior expenditures for the Project with proceeds of a
subsequent borrowing,
NOW, THEREFORE, BE IT RESOLVED, the City Council of the City of Burlingame
does hereby resolve as follows:
1. The City finds and determines that the foregoing recitals are true and correct.
2. This Resolution is madeforpurposes of establishing compliance with the requirements
of Section 1.150-2 of the Treasury Regulations, This Resolution does not bind the City to make any
expenditure, incur any indebtedness, or proceed with the Project.
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3. The City hereby declares its official intent to use proceeds of indebtedness to
reimburse itself for Reimbursement Expenditures.
4. This Resolution shall take effect from and after its d tion.
I, Judith A. Malfatti, City Clerk of the City of Burlingame, do hereby certify that the foregoing
Resolution was introduced at a regular meeting of the City Council held on the 5th day of JANUARY
1998, and was adopted thereafter by the following vote:
AYES: COUNCILMEMBERS: GALLIGAN, JANNEY, KNIGHT, SPINELLI
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: O'MAHONY
City Clerk
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