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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.