93-177 RESOLUTION NO. 93R-177
RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF ANAHEIM, CALIFORNIA, AUTHORIZING CERTAIN
EXPENDITURES WITH RESPECT TO THE CITY'S
ELECTRIC SYSTEM TO BE REIMBURSED
FROM FUTURE FINANCING
WHEREAS, the City of Anaheim (the "City") has undertaken
certain improvements and additions to its Electric System,
specifically the undergrounding of electrical transmission and
distribution lines of the Electric System (the "Project"); and
WHEREAS, the City has begun or will begin to make
expenditures with respect to costs of the Project; and
WHEREAS, the City intends to make arrangements to provide
financing for costs of the Project, which financing may be
structured so as to bear interest which is excluded from gross
income for Federal income tax purposes; and
WHEREAS, the City has not yet finalized the arrangements
for such financing for costs of the Project, but is proceeding with
the Project at this time by making expenditures (from sources other
than proceeds of such financing) on an interim basis with the
intention that such expenditures be reimbursed from proceeds of
such financing to the maximum extent permitted by law and prudent
in the judgment of the City, and the City desires to confirm its
intentions with respect to such expenditures;
NOW, THEREFORE, BE IT RESOLVED that:
S~CTION ~: Pending the consummation of such financing,
the City has made, and intends to continue to make, expenditures
with respect to costs of the Project on an interim basis from
monies in the Underground Cash Account.
B~.CTION Z: The City intends that expenditures made on an
interim basis from such account with respect to costs of the
Project prior to the consummation of such financing are, to the
fullest extent possible, to be reimbursed to the City from the
proceeds of such financing upon its consummation; provided,
however, that the maximum principal amount of debt to be issued
with respect to the Project shall not exceed $6,000,000.
SMCTIO~ 3.' While the City is not bound to proceed with
financing for the Project, the City reasonably expects, based on
all presently existing relevant facts and circumstances after due
LA01 \60?0\8553.3 94601.8
inquiry, to proceed with such financing for the Project, and to
reimburse itself from the proceeds of such financing.
SECTION 4: This resolution shall take effect on its
date of adoption.
PASSED AND ADOPTED this 24th day of August 1993, by the
following vote:
AYES: Feldhaus, Pickler, Simpson, Daly
NOES: None
ABSENT: Hunter
ATTEST:
Assistant C~ Cler~
94601.8
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss.
CITY OF ANAHEIM )
I, ANN M. SAUVAGEAU, Assistant City Clerk of the City of Anaheim, do hereby certify that the foregoing
Resolution No. 93R-177 was introduced and adopted at a regular meeting provided by law, of the Anaheim
City Council held on the 24th day of August, 1993, by the following vote of the members thereof:
AYES: COUNCIL MEMBERS: Feldhaus, Pickler, Simpson, Daly
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: Hunter
AND I FURTHER CERTIFY that the Mayor of the City of Anaheim signed said Resolution No. 93R-177 on
the 25th day of August, 1993.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of Anaheim
this 25th day of August, 1993.
ASSISTANT CITY CLERK (~fl'HE CITY OF ANAHEIM
(SEAL)
I, ANN M. SAUVAGEAU, Assistant City Clerk of the City of Anaheim, do hereby certify that the foregoing is
the original of Resolution No. 93R-177 was duly passed and adopted by the City Council of the City of
Anaheim on August 24, 1993.
~r~ ~It, ANAHEIM
ASSISTANT CITY CLER~ OF