HomeMy WebLinkAbout2007-12-11 - RESOLUTIONS - TAX EXEMPT BOND REIMBURSEMENT (2)RESOLUTION NO. RDA 07-6
A RESOLUTION OF THE SANTA CLARITA REDEVELOPMENT AGENCY AND
THE DOWNTOWN NEWHALL PROJECT AREA OF THE CITY OF SANTA CLARITA
DECLARING ITS INTENTION TO REIMBURSE CERTAIN EXPENDITURES
FROM A TAX-EXEMPT OBLIGATION AS REQUIRED BY UNITED STATES
DEPARTMENT OF TREASURY REGULATIONS SECTION 1.150-2
WHEREAS, the Santa Clarita Redevelopment Agency (the "Agency") is contemplating
the use of one or more series of tax-exempt bonds or other financing obligations (the "Bonds") to
fund certain redevelopment activities of benefit to the Agency's Downtown Newhall Project
Area (the "Project Area"), including, but not limited to, the financing of certain low and
moderate income housing projects and programs, and the acquisition, design, construction,
improvement, installation, and/or rehabilitation of certain public capital improvements and
facilities (collectively, the "Project"); and
WHEREAS, the Agency intends to incur certain Project expenses prior to the date of
delivery of the Bonds (the "Reimbursable Expenses"); and
WHEREAS, Section 1.150-2 of the regulations (the "Treasury Regulations") promulgated
under the Internal Revenue Code of 1986, as amended (the "Code"), requires the Agency to
declare its reasonable official intent to reimburse such Reimbursable Expenses for the Project
from proceeds of the Bonds which the Agency reasonably expects will be incurred prior to the
issuance of the Bonds, and that a portion of the proceeds of the Bonds shall be used to reimburse
the Agency for such Reimbursable Expenses.
NOW, THEREFORE, the Santa- Clarita Redevelopment Agency and the Downtown
Newhall Project Area of the City of Santa Clarita, does hereby resolve as follows:
SECTION 1. All of the foregoing recitals are true and correct.
SECTION 2. 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 bind
the Agency to make any expenditure, incur any indebtedness or proceed with the Project.
SECTION 3. The Agency hereby declares its reasonable official intenti6n to issue or to....."
have issued on its behalf one or more series of Bonds or incur other tax-exempt' debt.in..the
expected estimated maximum principal amount of $41 million for the aggregate series of Bonds
and to use proceeds of the Bonds to reimburse itself for the Reimbursable Expenses.
All of the Reimbursable Expenses covered by this Resolution were made not earlier than
sixty (60) days prior to the adoption hereof, other than certain de minimis amounts and
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 Expenses 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 4. The Agency reasonably expects to reimburse itself for the Reimbursable
Expenses made from the general fund of the Agency in anticipation of the issuance of the Bonds
with proceeds from the sale of the Bonds. The reimbursement of the expenditure is consistent
with the Agency's budgetary and financial circumstances. There are no funds or other sources of
money of the Agency, or any related person or controlled entity, that have been, or are reasonably
expected to be reserved, allocated on a long term basis or otherwise set aside to pay the costs of
the Project to be paid or reimbursed out of the proceeds of the Bonds.
SECTION 5. All actions heretofore taken by the officers, or their respective designees,
and the employees and agents of the Agency in connection -with the financing of the Project and
execution and delivery of a supplemental tax certificate and other related documents and
certificates are hereby ratified and confirmed. The officers and their designees, the employees
and agents of the Agency 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 6. This Resolution shall take effect immediately upon its adoption.
PASSED, APPROVED AND ADOPTED this 11th day of December, 2007.
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SECRETARY
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STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SANTA CLARITA )
I, Sharon L. Dawson, CMC, Secretary of the City of Santa Clarita Redevelopment
Agency, do hereby certify that the foregoing Resolution was duly adopted by the Redevelopment
Agency of the City of Santa Clarita at a regular meeting thereof, held on the IIth day of
December. 2007, by the following vote:
AYES:
AGENCY MEMBERS:
Weste, Ferry, McLean, Boydston, Kellar
NOES:
AGENCY MEMBERS:
None
ABSENT:
AGENCY MEMBERS:
None
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STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SANTA CLARITA )
CERTIFICATION OF
REDEVELOPMENT AGENCY RESOLUTION
I, Sharon L. Dawson, Secretaryof the City of Santa Clarita Redevelopment Agency, do hereby
certify that this is a true and correct copy of the original Resolution No. RDA 07-6, adopted by
the Redevelopment Agency of the City of Santa Clarita, California on December 11, 2007, which
is now on file in my office.
Witness my hand and seal of the Redevelopment Agency of the City of Santa Clarita, California,
this day of , 20.
Sharon L. Dawson, CMC
Secretary
By
Susan Coffinan
Deputy Secretary