HomeMy WebLinkAboutReso 1991-16334 RESOLUTION NO. 16334
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA
DESIGNATING THE CITY ~NAGER AND THE DIRECTOR OF FINANCE
AS AUTHORIZED OFFICERS FOR PURPOSES OF MAKING CERTAIN
DECLARATIONS REQUIRED UNDER FEDERAL TAX LAW
The City Council of the City of Chula Vista does hereby resolve as
follows:
WHEREAS, the City from time to time undertakes capital improvement
projects which are intended to be financed in whole or in part from the
proceeds of tax-exempt obligations; and,
WHEREAS, it is not uncommon that the City will pay costs of such projects
in whole or in part prior to the issuance of such tax-exempt obligations, and
Section 1.103-17 of proposed Income Tax Regulations (the "Reimbursement
Regulations") requires that certain procedures must be followed in order to
preserve the ability of the City to issue tax-exempt obligations for project
costs which are paid prior to such issuance, including a requirement that,
prior to the pa~vment of any such cost, the City must declare an intention to
reimburse such cost; and,
WHEREAS, the Reimbursement Regulations provide that the such declaration
of intention may be made by any person authorized and designated to do so by
resolution of the City Council of the City, and the City has determined at
this time to make such designation.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Chula
Vista resolve as follows:
1. The City Manager and the Director of Finance of the City are hereby
authorized to declare official intent of the City in accordance with
Section 1.103-17 of the Reimbursement Regulations.
2. Each declaration of official intent shall be in form and substance
acceptable to the City Attorney and to the firm acting as bond counsel to
the City in connection therewith, and shall conform to requirements of
the Reimbursement Regulations, as the same may be amended from time to
time, and with the requirements of applicable rulings or regulations
relating to tax-exempt borrowings.
3. The City Manager or the Director of Finance is hereby directed to file
each declaration of official intent in the office of the City Clerk at
276 Fourth Avenue, Chula Vista, California, which location constitutes
the customary location of records of the City which are available to the
general public.
Resolution No. 16334
Page 2 '
4. The City Clerk is directed to assure that each declaration of intent
filed by the City Manager or the Director of Finance is made continuously
available during normal business hours of the City on every business day
of the period beginning the earlier of ten (lO) days after the date of
execution of said declaration of intent and ending on the date of
issuance of any debt obligations relating to such declaration of intent.
Presented by Approved as to form by
Ly hr Bruce M. Boogaard
Director of Finance City Attorney
Resolution No. 16334
Page 3
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula
Vista, California, this 3rd day of September, 1991 by the following vote:
AYES: Councilmembers: Malcolm, Moore, Nader, Rindone
NOES: Councilmembers: None
ABSENT: Councilmembers: Grasser Horton
ABSTAIN: Councilmembers: None
Tim Nader, ~y6r
ATTEST:
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO ) ss.
CITY OF CHULA VISTA )
I, Beverly A. Authelet, City Clerk of the City of Chula Vista, California, do
hereby certify that the foregoing Resolution No. 16334 was duly passed,
ap roved, and adopted by the City Council held on the 3rd day of September,
19~1.
Executed this 3rd day of September, 1991.
[~'~. Authelet, City Clerk