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HomeMy WebLinkAbout2022-09-27 - RESOLUTIONS - ENERGY EFFICIENCY PGM EXPENDITURE REIMBURSE INTENTRESOLUTION NO. 22-55 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 City of Santa Clarita, California (City), or its related entity, including the Santa Clarita Public Financing Authority (Authority) (collectively, the "Issuer"), expects expects to incur tax-exempt bonds or other financing obligations (collectively, the "Obligations"), to finance a portion of the costs of certain energy efficiency improvements associated with buildings and facilities of the City (the "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 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 Proj ect. 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 either the City or the Issuer to make any expenditure or proceed with the Project or obligate the 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 $25,000,000. 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 Page 1 of 3 preliminary expenditures as described in Treas. Reg. 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 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 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 27th day of September, 2022. 7 MAYOR ATTEST: CITY CLERK DATE:___ Page 2 of 3 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. 22-55 was duly adopted by the City Council of the City of Santa Clarita at a regular meeting thereof, held on the 27th day of September, 2022, by the following vote: AYES: COUNCILMEMBERS : Smyth, McLean, Miranda, Gibbs, Weste NOES: COUNCILMEMBERS : None ABSENT: COUNCILMEMBERS: None CITY CLERK Page 3 of 3