HomeMy WebLinkAboutReso - CC - 008-2009RESOLUTION NO. 8-2009
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BURLINGAME
STATING ITS INTENTION TO REIMBURSE CITY FOR ANY INFLUENT
STORM WATER RETENTION BASIN EXPENDITURES PAID PRIOR TO THE
CITY OBTAINING FINANCING THROUGH THE STATE WATER RESOURCE
CONTROL BOARD FOR SAID PROJECT
WHEREAS, the City of Burlingame (the "Agency") desires to finance the costs of
constructing and/or reconstructing certain public facilities and improvements relating to
its water and wastewater system, including certain treatment facilities, pipelines and
other infrastructure (the "Project"); and
WHEREAS, the Agency intends to finance the construction and/or reconstruction 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 Agency desires to incur certain capital
expenditures (the "Expenditures") with respect to the Project from available moneys of
the Agency; and
WHEREAS, the Agency 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 Agency for the Expenditures from the proceeds of
the Obligations.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF BURLINGAME DOES
HEREBY RESOLVE, ORDER AND DETERMINE AS FOLLOWS:
SECTION 1. The Agency 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 principal amount of the Project Funds is
approximately seven million dollars ($7,000,000.00).
SECTION 3. This resolution is being adopted no later than 60 days after the
date on which the Agency will expend moneys for the portion of the Project costs to be
reimbursed with Project Funds.
SECTION 4. Each Agency expenditure will be of a type properly chargeable to
a capital account under general federal income tax principles.
SECTION 5. To the best of our knowledge, this Agency is not aware of the
previous adoption of official intents by the Agency 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 Agency 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
Agency so finds, determines and represents.
Ann Keighran, Wyor
I, Mary Ellen Kearney, Clerk of the City of Burlingame, hereby certify that the
foregoing Resolution was duly and regularly introduced and adopted at a regular
meeting of the Burlingame City Council held on the 2nd day of February, 2009, by the
following vote to wit:
AYES: Councilmembers BAYLOC%, DEAL, KEIGHBAN, NACEL, O'NAHONY
NOES: Councilmembers: NONE
ABSENT: Councilmembers: NONE
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Mary EII n Kearney, City Clerk