HomeMy WebLinkAbout2020-07-14 - RESOLUTIONS - ACTING ON ITS BEHALF AND AS THE LEGISLATIVE BODY O (2)RESOLUTION NO.20-56
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA CLARITA,
CALIFORNIA, ACTING ON ITS BEHALF AND AS THE LEGISLATIVE BODY OF
THE SANTA CLARITA COMMUNITY FACILITIES DISTRICT NO. 2016-1 (VISTA
CANYON), DECLARING THEIR 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, on February 27, 2020, the City of Santa Clarita Community Facilities
District (Issuer) No. 2016-1 (Vista Canyon) issued $17,230,000 City of Santa Clarita
Community Facilities District No. 2016-1 Special Tax Bonds, 2020 Series; and
WHEREAS, the City Council of the City of Santa Clarita (City), California, acting as the
legislative body of the Issuer, expects to incur a second series of tax-exempt bonds or other
financing obligations (collectively - Obligations), to further finance a portion of the costs
associated with the acquisition, design, construction, and installation of certain public facilities,
including parking facilities and the Vista Canyon Transit Center (Project); and
' WHEREAS, the City and the Issuer expect 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 and the Issuer reasonably expect 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 and the Issuer 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 and the Issuer desire 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, acting on
behalf of itself and as the legislative body of the City of Santa Clarita Community Facilities
District No. 2016-1 (Vista Canyon), 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
either the City or the Issuer to make any expenditure or proceed with the Project or obligate the
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Issuer 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 and the Issuer hereby declare their reasonable official intention to
reimburse the applicable Reimbursable Expenditures with respect to the Project from proceeds of
Obligations that may hereafter be issued by the Issuer or on behalf of the City. The maximum
principal amount of Obligations expected to be issued for the Project is $27,770,000. 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. 15 0-2(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 and the Issuer 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 and the Issuer 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 14"' day of July 2020.
ATTEST:
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CITY CLERK
DATE:
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' 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. 20-56 was duly adopted by the City Council of the City of Santa
Clarita at a regular meeting thereof, held on the 14a' day of July 2020, by the following vote:
AYES: COUNCILMEMBERS
NOES: COUNCILMEMBERS
ABSENT: COUNCILMEMBERS
C
Kellar, Weste, Miranda, McLean, Smyth
None
1►rom
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CITY CLERK