1992-027-Declaring Intention To Reimburse Expenditures From The Proceeds Of Obligations To Be Issued By The Town Of Los Gatos And Directing Certain ActionRESOLUTION 1992 -27
RESOLUTION OF THE TOWN OF LOS GATOS
DECLARING INTENTION TO REIMBURSE EXPENDITURES FROM THE PROCEEDS
OF OBLIGATIONS TO BE ISSUED BY THE TOWN OF LOS GATOS
AND DIRECTING CERTAIN ACTION
WHEREAS, the Town proposes to undertake the project referenced below,
to issue debt for such project and to use a portion of the proceeds of such debt
to reimburse expenditures made for the project prior to the issuance of the debt;
and
WHEREAS, United States Income Tax Regulations Section 1.103 -18 provides
generally that proceeds of tax - exempt debt are not deemed to be expended when
such proceeds are used for reimbursement of expenditures made prior to the date
of issuance of such debt unless certain procedures are followed, among which is
a requirement that (with certain exceptions), prior to the payment of any such
expenditure, the issuer must declare an intention to reimburse such expenditure;
and
WHEREAS, it is in the public interest and for the public benefit that
the Town declare its official intent to reimburse the expenditures referenced
herein.
NOW, THEREFORE, BE IT RESOLVED, DECLARED AND ORDERED, as follows:
1. The Town intends to issue obligations in a maximum
principal amount of $6,760,000 (the "Obligations ")
for the purpose of paying the costs of Parking Lot
No. 4 improvements (the "Project ").
2. The Town hereby declares that is reasonably expects
to use a portion of the proceeds of the Obligations
for reimbursement of expenditures for the Project
that are paid before the date of issuance of the
Obligations.
3. The foregoing declaration is consistent with the
budgetary and financial circumstances of the Town
in that there are no funds (other than proceeds of
the Obligations) that are reasonably expected to be
(i) reserved, (ii) allocated, or (iii) otherwise set
aside, by or on behalf of the Town or any entity
controlled by the Town, for the expenditures for
the Project that are expected to be reimbursed from
the proceeds of the Obligations.
4. Within not more than thirty (30) days following the
date of adoption of this Resolution, the Town Clerk
is directed to make this Resolution available to the
public at the customary location of public records
of the Town. The Town Clerk is hereby further
directed to assure such public availability until
the date of issuance of the Obligations.
S. This resolution is a declaration of official intent
under Income Tax Regulations Section 1.103 -18.
PASSED AND ADOPTED at a regular meeting of the Town Council of the
Town of Los Gatos, California, held on the 2nd day of March, 1992 by the
following vote:
COUNCIL MEMBERS:
AYES: Randy Attaway, Joanne Benjamin, Steven Blanton, Brent N. Ventura
Mayor Eric D. Carlson
NAYES: None
ABSENT: None
ABSTAIN: None - .... ---
SIGNED:
MAYOR OF THE TOWN OF LOS GATOS
LOS GATOS. CALIFORNIA
ATTEST:
CLERK OF THE TOWN OF LOS GATOS'
LOS GATOS, CALIFORNIA