HomeMy WebLinkAboutReso - CC - 005-2007RESOLUTION NO. 5-2007
RESOLUTION OF OFFICIAL INTENT OF
THE CITY COUNCIL OF THE CITY OF BURLINGAME
TO REIMBURSE CERTAIN EXPENDITURES FROM
PROCEEDS OF INDEBTEDNESS OF BURLINGAME FINANCING AUTHORITY
WATER AND WASTEWATER REVENUE BOND
SERIES 2007
RESOLVED, by the City Council of the City of Burlingame:
WHEREAS, the City of Burlingame (the "City") intends to construct certain
improvements to its water system and sewer system described in Exhibit A hereto (collectively,
the "Project"); and
WHEREAS, the City expects to pay certain expenditures (the "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;
WHEREAS, the City reasonably expects that debt obligations in an amount not expected
to exceed $26,000,000 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, the City Council of the City of Burlingame does hereby resolve as
follows:
Section 1. The City finds and determines that the foregoing recitals are true and
correct.
Section 2. This resolution is made for purposes 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.
Section 3. The City hereby declares its official intent to use proceeds of indebtedness
to reimburse itself for Reimbursement Expenditures.
Section 4. This resolution shall take effect from and after its ts adoption.
I�L�1
MAYOR
I, DORIS MORTENSEN, 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 16th, day
of January , 2007, and was adopted thereafter by the following vote:
AYES: COUNCILMEMBERS: BAyi3OCK, COHEN, KEIGHRAN, NAGEL, O'NAHONY
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
WATER SYSTEM PROJECT
The water system project consists of City-wide water system improvements including
replacement ofwater distribution/transmission mains, valves, pumpstation improvements, storage tanks
and reservoirs, SCADA improvements, water quality studies, chloramination conversionplan and related
improvements.
The sanitary sewer system project consists of City-wide sewer system improvements, including
replacement/rehabilitation of sewer pipelines, manholes, cleanouts and laterals. The program also
includes pumpstation improvements and SCADA improvements.