HomeMy WebLinkAbout2018-06-12 - RESOLUTIONS - TAX -EXEMPT OBLIGATIONS TO BE ISSUED TO FIN CERTAI (2)' RESOLUTION NO. 18-42
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA
CLARITA, CALIFORNIA, DECLARING ITS INTENT TO REIMBURSE
CERTAIN EXPENDITURES FROM THE PROCEEDS OF TAX-EXEMPT
OBLIGATIONS EXPECTED TO BE ISSUED TO FINANCE CERTAIN
PUBLIC FACILITIES AS REQUIRED BY UNITED STATES DEPARTMENT
OF TREASURY REGULATIONS SECTION 1.150-2
WHEREAS, the City Council of the City of Santa Clarita (City), California, or its related
entity, including the Santa Clarita Public Financing Authority (Authority) (collectively, Issuer),
expects to incur tax-exempt bonds or other financing obligations (collectively, Obligations), to
finance a portion of the costs associated with the acquisition, design, construction, and
installation of certain public facilities, including sheriff station facilities (Project); and
WHEREAS, the City expects that certain expenditures relating to the Project will be
incurred and paid from other sources of money available to the City prior to the issuance of the
Obligations (Reimbursable Expenditures); and
WHEREAS, the City reasonably expects that a portion of the proceeds of the Obligations
will be used to reimburse all or a portion of the 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, California, 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 until and unless all other necessary actions and approvals
are taken or received in accordance with all applicable laws.
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 $40,000,000. All of the Reimbursable
Expenditures covered by this resolution were or are to be made not earlier than sixty (60) days
prior to the adoption hereof, other than certain de minimis amounts and preliminary expenditures
as described in Treasury Regulations Section 1.150-2(f)(2) that are exempt from the sixty day
requirement pursuant to Section 1.150-2 of the Treasury Regulations. The non-exempt
Reimbursable Expenditures covered by this resolution are eligible for reimbursement provided
the reimbursement occurs not later than eighteen (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 (3) 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 S. The City Clerk shall certify to the adoption of this resolution.
PASSED, APPROVED, AND ADOPTED ZMAYOR
y of June, 2001188. /,
ATTEST:
CITY CLERK
DATE:
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 the
foregoing Resolution No. 18-42 was duly adopted by the City Council of the City of Santa
Clarita at a regular meeting thereof, held on the 12`h day of June, 2018, by the following vote:
AYES: COUNCILMEMBERS: Miranda, Smyth, McLean, Kellar, Weste
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
2
CITY CLERK
J