Res 95-020RESOLUTION NO. 95-020
RESOLIJTION OF THE CITY COUNCIL OF THE CITY OF
POWAY REGARDING ITS INTENTION TO ISSUE
TAX-EXEMPT OBLIGATIONS
WHEREAS, the City Council of the City of Poway (the "Issuer") desires to finance the
costs of acquiring certain public facilities and improvements, as provided in Exhibit A attached
hereto and incorporated herein (the "Project");
WHEREAS, the Issuer intends to finance the acquisition of the Project or portions of the
Project with the proceeds of the sale of obligations the interest upon which is excluded from
gross income for federal income tax purposes (the "Obligations"); and
WHEREAS, prior to the issuance of the Obligations the Issuer desires to incur certain
expenditures with respect to the Project from available monies of the Issuer which expenditures
are desired to be reimbursed by the Issuer from a portion of the proceeds of the sale of the
Obligations;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF POWAY DOES
HEREBY RESOLVE, ORDER AND DETERMINE AS FOLLOWS:
SECTION 1. The Issuer hereby states its intention and reasonably expects to reimburse
Project costs incurred prior to the issuance of the Obligations with proceeds of the Obligations.
Exhibit A describes either the general character, type, purpose, and function of the Project, or
the fund or account from which Project costs are to be paid and the general functional purpose of
the fund or account.
SECTION 2. The reasonably expected maximum principal amount of the Obligations is
$3,500,000.00.
SECTION 3. This resolution is being adopted on or prior to the date (the "Expenditures
Date or Dates") that the Issuer will expend monies for the portion of the Project costs to be
reimbursed from proceeds of the Obligations.
SECTION 4. The expected date of issue of the Obligations will be within one year of
the later of the Expenditure Date or Dates and the date the Project is placed in service.
SECTION 5. Proceeds of the Obligations to be used to reimburse for Project costs are
not expected to be used directly or indirectly to pay debt service with respect to any obligation
(other than to pay current debt service coming due within the next succeeding one year period on
any tax-exempt obligation of the Issuer (other than the Obligations)) or to be held as a reasonably
required reserve or replacement fund with respect to a obligation of the Issuer or any entity
related in any manner to the Issuer, or to reimburse any expenditure that was originally paid with
the proceeds of any obligation, or to replace funds that are or will be used in such manner.
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Resolution No. 95-020
Page 2
~. This resolution is consistent with the budgetary and financial circumstances
of the Issuer, as of the date hereof. No monies from sources other than the Obligation issue are,
or are reasonably expected to be reserved, allocated on a long-term basis, or otherwise set aside
by the Issuer (or any related party) pursuant to their budget or financial policies with respect to
the Project costs. To the best of our knowledge, this .City Council is not aware of the previous
adoption of official intents by the Issuer that have been made as a matter of course for the
purpose of reimbursing expenditures and for which tax-exempt obligations have not been issued.
SECTION 7. This resolution is adopted as official action of the Issuer in order to
comply with Treasury Regulation § 1.103-18 and any other regulations of the Internal Revenue
Service relating to the qualification for reimbursement of Issuer expenditures incurred prior to the
date of issue of the Obligations, is part of the Issuer's official proceedings, and will be available
for inspection by the general public at the main administrative office of the Issuer.
SECTION 8. All the recitals in this Resolution are true and correct and this City Council
so finds, determines and represents.
D'Jn Higgins~
ATTEST:
Marjorie K. Wahlsten, City Clerk
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Resolution No. 95- 020
Page 3
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
I, Marjorie K. Wahlsten, City Clerk of the City of Poway, do hereby
certify under penalty of perjury that the foregoing Resolution No.
95- 020 was duly adopted by the City Council at a meeting of said City Council
hel~ the 18th day of April, 1995, and that it was so adopted by the
following vote:
AYES: CAFAGNA, CALLERY, EMERY, REXFORD, HIGGINSON
NOES: NONE
ABSTAIN: NONE
ABSENT: NONE
Marjorie K. WahlstJ~ ~i~y Clerk
City of Poway
Resolution No. 95-020
Page 4
EXHIBIT A
DESCRIPTION OF PROJECT
The following
5.
6.
7.
8.
improvements to the City of Poway Lester J. Berglund Water Treatment Plant:
Replace H. ardinge filters with new deep bed filters;
Rehabilitate existing filters and wash water system replacing valves, controllers
and surface wash system;
Install new chlorinator, emergency chlorine scrubber, new chemical storage tanks
and pipelines;
Improve existing sedimentation basin sludge removal system;
Improve standby power capability;
Replace telemetry system and controllers for plant and distribution system;
Improve existing plant pressure reducing station;
Replace clearwell floating cover.
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