CC RES 2012-058RESOLUTION NO. 2012 -58
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO PALOS
VERDES DECLARING OFFICIAL INTENT PURSUANT TO SECTION 1.150 -2 OF
THE TREASURY REGULATIONS WITH RESPECT TO THE BOND FINANCING
OF A STORM DRAIN PROJECT.
THE CITY COUNCIL OF THE CITY OF RANCHO PALOS VERDES, CALIFORNIA
HEREBY FINDS, RESOLVES, AND ORDERS AS FOLLOWS:
Section 1. This declaration of official intent is made in accordance with Section 1.150 -2 of
the Treasury Regulations. Section 1.150 -2 governs the allocation of expenditures of a
reimbursement bond. A reimbursement bond is that portion of an issue of bonds allocated to
reimburse an original expenditure (i.e., an expenditure for a governmental purpose that is originally
paid from a source other than a reimbursement bond) that was paid before the date of issue of
such bonds. Section 1.150 -2 provides rules to determine when an allocation of bond proceeds to
reimburse an original expenditure will be treated as an expenditure of those bond proceeds. In
order for such an allocation of bond proceeds to be treated as an expenditure, the issuer of the
bonds must declare its official intent to reimburse the original expenditure with bond proceeds.
Section 2. The project for which an original expenditure is paid is the improvement of real
property with storm drain facilities. The maximum principal amount of bonds expected to be
issued for the storm drain project is $12,000,000.
Section 3. The date of this declaration of official intent is not later than 60 days after
payment of any original expenditure related to the storm drain project.
Section 4. As of today's date, the City Council has a reasonable expectation that it will
reimburse such original expenditure with bond proceeds.
Section 5. This declaration of official intent is not being made as a matter of course or in
amounts substantially in excess of the amounts expected to be necessary for the storm drain
project.
PASSED, APPROVED, AND ADOPTED this 21St day of August 2 12.
Mayo
ATTEST:
City Clerk
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES )ss
CITY OF RANCHO PALOS VERDES )
I, Carla Morreale, City Clerk of the City of Rancho Palos Verdes, hereb'y certify- that the above
Resolution No. 2012 -58 was duly and regularly passed and adopted by the said City Council at a
regular meeting held on August 21, 2012.
City Clerk