2002-068-Declaring Intention To Reimburse Expenditures From The Proceeds Of Obligations To Be Issued To The TownRESOLUTION 2002 - 68
RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF LOS GATOS
DECLARING INTENTION TO REIMBURSE EXPENDITURES
FROM THE .PROCEEDS OF OBLIGATIONS TO BE ISSUED BY THE TOWN AND
DIRECTING CERTAIN .ACTIONS
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;
WHEREAS, United .States Income Tax Regulations. section 1.1 SO-2 provides
.generally that proceeds oftax-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, one of which is a requirement that (with certain exceptions),
prior to the payment of .any such expenditure, the issuer declares an intention to reimburse such
expenditure; and
WHEREAS, it is in the public interest and for the public benefit that the Town
declares its official intent to reimburse the expenditures referenced herein.
1. The Town intends to issue obligations (the "Obligations") for the purpose of
paying the costs of the following (collectively, the "Project"):
Renovation of Town Plaza;
Downtown streetscape improvements including new curbs, gutters, sidewalks,
intersection bulb-outs, street furniture and .landscaping;
Parking improvements in the downtown;
• Street reconstruction in the Redevelopment Project Area;
.Alley reconstruction in the Redevelopment Project Area;
• Storm drain and utility reconstruction in the Project Area;
Land and :improvement acquisition at 17 and 25 Fiesta Way for Town uses;
Contribution to the reconstruction of the Los Gatos High School pool in the
Redevelopment Project Area;
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2. The Town hereby declares that it reasonably expects (i) to pay certain costs of the
Project prior to the date of issuance of the Obligations and (ii) 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 maximum principal amount of the Obligations is $15,000,000.
RESOLVED, by the Town Council of the Town of.Los Gatos, County of Santa
Clara, State of California,
PASSED AND ADOPTED at a regular meeting of the Town Council of the Town of
Los Gatos, California, held on the 6t" day of May, 2002 by the following vote:
COUNCIL MEMBERS:
AYES: Steven Blanton, Sandy Decker, :Steve Glickman, .Joe Pirzynski,
Mayor Randy Attaway
NAYS: None
ABSENT: None
ABSTAIN: None
SIGNED:
MAYOR OF TOWN F OS GATOS
LOS GATOS, CALIFORNI
ATTEST:
CLERK OF THE 'TOWN OF LO ATOS
LOS GATOS, CALIFORNIA
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