HomeMy WebLinkAboutReso - CC - 049-2003RESOLUTION NO. 49-2003
RESOLUTION OF OFFICIAL INTENT OF THE CITY COUNCIL
OF THE CITY OF BURLINGAME TO REIMBURSE
CERTAIN EXPENDITURES FROM PROCEEDS OF OBLIGATIONS OF STATE
WATER RESOURCES CONTROL BOARD
(WASTEWATER TREATMENT FACILITY IMPROVEMENT PROJECT,
CITY PROJECT NO. 9948)
RESOLVED, by the City Council of the City of Burlingame:
WHEREAS, the City of Burlingame desires to fmance the costs of constructing and
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 City intends to finance the construction and/or reconstruction of the
Project or portions of the Project with moneys provided by the State of California, acting by and
through the State Water Resources Control Board (the `Board"); and
WHEREAS, these moneys consist of actual construction of the Project ("Project Funds")
and State Revolving Fund (SRF) allowances, consisting of planning, design, engineering,
construction management oversight, and so forth; and
WHEREAS, the Board may fund the Project Funds with proceeds from the sale of
obligations the interest upon which is excluded form gross income for Federal income tax
purposes (the "Obligations"); and
WHEREAS, prior to either the issuance of the Obligations or the approval by the Board
of the Project Funds the City desires to incur certain capital expenditures (the "Expenditures")
with respect to the Project from available moneys of the City; and
WHEREAS, the City 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 City for the Expenditures from the proceeds of the Obligations,
NOW, THEREFORE, BE IT RESOLVED, the City Council of the City of Burlingame
does hereby resolve as follows:
1. The City hereby states its intention and reasonably expects to reimburse the City for
Expenditures paid prior to the issuance of the Obligations or the approval by the Board of the
Project Funds.
2. The reasonably expected maximum principal amount of the Project Funds is $9.22
million.
3. This Resolution is being adopted no later than sixty (60) days after the date on which
the City will expend construction moneys for the portion of the Project costs to be reimbursed
with Project Funds.
4. Each expenditure by the City will be of a type properly chargeable to a capital account
under general Federal income tax principles.
5. To the best of the City's knowledge, the City is not aware of the previous adoption of
official intents by the City 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.
1
6. This Resolution is adopted as official intent of the City in order to comply with the
requirements of Treasury Regulation § 1.150-2 and any other regulations of the Internal Revenue
Service relating to the qualifications for reimbursement of Project costs.
7. All the recitals in this Resolution are true and correct and the City so finds,
determines, and represents.
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Ar Mayor
I, Ann T. Musso, 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 21srday
of April, 2003, and was adopted thereafter by the following vote:
AYES: COUNCILMEMBERS: BAYLOCK, COQ, GALLrCAN, JANNEY, OrNAHONY
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
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D puty C' Clerk
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