HomeMy WebLinkAbout2017-05-23 - RESOLUTIONS - A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SA (2)RESOLUTION NO. 17-49
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA CLARITA, CALIFORNIA, DECLARING ITS INTENT TO
REJMBURSE CERTAIN EXPENDITURES FROM TAX-EXEMPT
OBLIGA'T'IONS IN CONNECTION WITH THE ACQUISITION,
INSTALLATION AND CONVERSION OF CERTAIN STREETLIGHT
IMPROVEMENTS
WHEREAS, the City Council of City of Santa Clarita, California (City) expects to incur
obligations relating to tax-exempt bonds (Obligations) to be issued by the City, a related entity,
including the Santa Clarita Public Financing Authority, or a conduit issuer, to finance costs
associated with the acquisition, installation and conversion of certain streetlight improvements
(Project); and
WHEREAS, certain expenditures with respect to the Project are expected to be paid by
the City prior to the date of issuance of the Obligations (Reimbursable Expenditures); and
WHEREAS, section 1.150-2 of the Treasury Regulations (Treasury Regulations)
promulgated under the Internal Revenue Code of 1986, as amended, requires that for an
allocation of proceeds of the Obligations to a capital expenditure paid prior to the issuance of
the Obligations to be respected by the Internal Revenue Service, the City generally must no later
than sixty (60) days following such payment have declared its reasonable official intent to
reimburse itself for such payment out of proceeds of the Obligations; and
WHEREAS, the City desires to facilitate the allocation of proceeds of the Obligations to
the reimbursement for payment of the Reimbursable Expenditures for the Project.
NOW, THEREFORE, the City Council of the City of Santa Clarita does hereby resolve
as follows:
SECTION 1. This Resolution is adopted for purposes of establishing compliance with
the requirements of section 1.150-2 of the Treasury Regulations. This Resolution does not
obligate the City to make any expenditure or proceed with the Project or obligate the City to
cause the issuance of the Obligations.
SECTION 2. The City hereby declares its reasonable official intention to reimburse the
applicable Reimbursable Expenditures with respect to the Project from proceeds of Obligations
that may hereafter be issued by or on behalf of the City. The maximum principal amount of
Obligations expected to be issued for the Project is $17,000,000. It is intended that this
Resolution shall constitute a declaration of "official intent" within the meaning of section 1.150-
2 of the Treasury Regulations. All of the Reimbursable Expenditures covered by this Resolution
were or are to be made not earlier than 60 days prior to the adoption hereof, other than certain de
rninimis amounts and preliminary expenditures as described in section 1.150-2(f) of the Treasury
Regulations. The non-exempt Reimbursable Expenditures covered by this Resolution are
eligible for reimbursement provided the reimbursement occurs not later than 18 months after the
later of the date the original expenditure is made or the date the property is placed in service; but
in no event more than three years after the original expenditure is made.
SECTION 3. All actions heretofore taken by the officers, or their respective designees,
and the employees and agents of the City in connection with the financing of the Project are
hereby ratified and confirmed. The officers and their designees, the employees and agents of the
City are hereby authorized to take any and all actions in connection with the financing of the
Project and as may be necessary and consistent with the purposes of this resolution.
SECTION 4. This resolution shall take effect immediately upon its adoption.
SECTION 5. The City Clerk shall certify to the adoption of this Resolution.
PASSED, APPROVED, AND ADOPTED this 23`d day of May, 2017.
ATTEST:
C TY CLERK
DATE: (e t 13 1 Z
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SANTA CLARITA )
I, Mary Cusick, City Clerk of the City of Santa Clarita, do hereby certify that foregoing
Resolution was duly adopted by the City Council of the City of Santa Clarita at a regular meeting
thereof, held on the 23`d day of May, 2017, by the following vote:
AYES:
NOES
ABSENT:
COUNCILMEMBERS: Miranda, Weste, McLean, Kellar, Smyth
COUNCILMEMBERS: None
COUNCILMEMBERS: None
2
L
CITY CLERIC
C
1