HomeMy WebLinkAboutReso - CC - 016-2001RESOLUTION NO. 16-2001
RESOLUTION OF OFFICIAL INTENT OF
THE CITY COUNCIL OF THE CITY OF BURLINGAME
TO REIMBURSE CERTAIN EXPENDITURES FROM
PROCEEDS OF INDEBTEDNESS
[CORPORATION YARD RECONSTRUCTION PROJECT]
WHEREAS, the City of Burlingame (the "City") intends to acquire and construct
a corporation yard in the City (the "Project");
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 $15,000,000 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:
1. The City finds and determines that the foregoing recitals are true and correct.
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.
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 adoption.
M yor
I, ANN T. MUSSO, hereby certify that the foregoing is a full, true and correct copy of a
resolution duly passed and adopted by the City Council of the City of Burlingame at a regular
meeting thereof held on the 20th day of February, 2001, by the following vote of the members
thereof:
AYES: COUNCILMEMBERS: COFFEY, GALLIGAN, JANNEY, O'MAHONY, SPINELLI
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
ATTEST: i i / / u'�
City Clerk