90-015 RESOLUTION NO. 90R-15
RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF ANAHEIM, CALIFORNIA, AUTHORIZING
EXPENDITURES WITH RESPECT TO THE CITY'S
UTILITY BUILDING TO BE REIMBURSED FROM FUTURE
LONG-TERM FINANCINGS
WHEREAS, the City of Anaheim (the "City") has undertaken
a capital program to finance ongoing and future costs related to
the design, planning, acquisition and construction of an office
building to house personnel of the Public Utilities Department and
others ~the "project"); and
WHEREAS, the City is beginning to make expenditures with
respect to costs of the Project; and
WHEREAS, the City intends to make arrangements to
provide long-term 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 long-term financing for. the Project, but is proceeding
with the Project at this time by expending other available funds
from sources other than long-term debt on a temporary basis with
the intention that such amounts be reimbursed to the maximum extent
permitted by law and prudent in the judgment of the City and
desires to confirm its intentions with respect to any such
expenditures hereinafter incurred;
NOW, THEREFORE, BE IT RESOLVED that:
SBCTION 1: The City intends that expenditures made by
or on behalf of the City with respect to costs of the Project from
and after the date of adoption of this resolution are to be
financed with the proceeds received by the City from such long-term
financing arrangements as ultimately are finalized by the City with
respect to the Project.
SECTION 2: Expenditures made on an interim basis from
currently available funds by or on behalf of the City with respect
to costs of the Project prior to the consummation of such long-term
financing arrangements are, to the fullest extent possible, to be
reimbursed to the City from the proceeds of such long-term
financing upon its consummation.
SECTION ~: This resolution represents the current
intention of the City, but does not in any way obligate the City to
proceed with long-term financing for the Project, or to reimburse
itself from the proceeds of any such long-term financing which may
be undertaken, in the event that the City later determines that
either such action is not in the best interests of the City.
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SECTION 4: This resolution shall take effect on its
date of adoption.
PASSED AND ADOPTED this 9~b day of .T~nl,~ry ~990,
by the following vote:
AYES:
NOES:
ABSENT: ~
ATTEST:
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CLERK
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss.
CITY OF ANAHEIM )
I, LEONORA N. SOHL, City Clerk of the City of Anaheim, do hereby certify that
the foregoing Resolution No. 90R-15 was introduced and adopted at a regular
meeting provided by law, of the City Council of the City of Anaheim held on
the 9th day of January, 1990, by the following vote of the members thereof:
AYES: COUNCIL MEMBERS: Daly, Ehrle, Kaywood, Pickler and Hunter
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: None
AND I FURTHER certify that the Mayor of the City of Anaheim signed. said
Resolution No. 90R~15 on the 11th day of January, 1990..
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the~$eal of the
City of Anaheim this 11th day of January, 1990.
CITY CLERK OF THE CITY OF ~AHEIM
(SEAL)
I, LEONORA N. SOHL, City Clerk of the City of Anaheim, do hereby certify that
the foregoing is the original of Resolution No. 90R-15, duly passed and
adopted by the Anaheim City Council on January 9, 1990.
CITY CLERK OF %'HE CI