HomeMy WebLinkAboutReso 2010-198RESOLUTION NO. 2010-198
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA REGARDING ITS INTENTION TO
REIMBURSE EXPENDITURES FROM THE PROCEEDS OF
NEW CLEAN RENEWABLE ENERGY BONDS
WHEREAS, the City Council of the City of Chula Vista (the "City") desires to reimburse
its General Fund for the costs of acquiring and constructing certain public facilities and
improvements, as provided in Exhibit A attached hereto and incorporated herein (the "Project");
and
WHEREAS, the City intends to reimburse its expenditures for the Project or portions of
the Project with the proceeds of New Clean Renewable Energy Bonds, within the meaning of
Section 54C of the Internal Revenue Code of 1986, as amended (the "Code") to be issued by the
City (the "Obligations"); and
WHEREAS, prior to the issuance of the Obligations the City desires to incur certain
expenditures with respect to the Project from available monies of the City which expenditures
are desired to be reimbursed by the City from a portion of the proceeds of the sale of the
Obligations.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Chula
Vista does hereby resolve as follows:
SECTION 1. The City hereby states its intention and reasonably expects to reimburse
the Project costs incurred prior to the issuance of the Obligations with proceeds of the
Obligations. Exhibit A describes the general character, type, purpose, and function of the
Project.
SECTION 2. The reasonably expected maximum principal amount of the Obligations is
$30,000,000.
SECTION 3. This resolution is being adopted prior to the payment of the original
expenditures with respect to the Project (the "Expenditures Date or Dates").
SECTION 4. Except as described below, the expected date of issue of the Obligations
will be within eighteen months of the Expenditure Date or Dates.
SECTION 5. Proceeds of the Obligations to be used to reimburse for Project costs are
not expected to be used, within one yeaz of reimbursement, 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 City) or to be held as a
reasonably required reserve or replacement fund with respect to an obligation of the City or any
entity related in any manner to the City, 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.
Resolution No. 2010-198
Page 2
SECTION 6. This resolution is consistent with the budgetary and financial
circumstances of the City, as of the date hereof. No monies from sources other than the
Obligation issue aze, or are reasonably expected to be reserved, allocated on a long-term basis, or
otherwise set aside by the City (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 City 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 City in order to comply
with the provisions of Section 54A of the Code and any other regulations of the Internal Revenue
Service relating to the qualification for reimbursement of City expenditures incurred prior to the
date of issue of the Obligations, is part of the City's official proceedings, and will be available
for inspection by the general public at the main administrative office of the City.
SECTION 8. All the recitals in this Resolution are true and correct and this City Council
so finds, determines and represents.
Presented by Approved as to form by
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Mazia achadoorian Bart . Miesfel
Director of Finance Ci Attorne
Resolution No. 2010-198
Page 3
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 3rd day of August 2010 by the following vote:
AYES: Councilmembers: Bensoussan, McCann and Cox
NAYS: Councilmembers: None
ABSENT: Councilmembers: None
ABSTAIN: Councilmembers: Castaneda and Ramirez
Cheryl Coy ay r
ATTEST:
Donna R. Norris, MC, City Clerk
STATE OF CALIFORNIA
COUNTY OF SAN DIEGO
CITY OF CHULA VISTA
I, Donna R. Norris, City Clerk of Chula Vista, California, do hereby certify that the foregoing
Resolution No. 2010-198 was duly passed, approved, and adopted by the City Council at a
regular meeting of the Chula Vista City Council held on the 3rd day of August 2010.
Executed this 3rd day of August 2010.
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Donna R. Norris, CMC, City Clerk
Resolution No.2010-198
Page 4
EXHIBIT A
DESCRIPTION OF PROJECT
The Project consists of solar energy installations and energy efficiency improvements at
the following City facilities:
1. Animal Shelter
2. Chula Vista Civic Center
3. Chula Vista Police Headquarters
4. Fire Station 3
5. Fire Station 7
6. Fire Station 8
7. Fire Station 6
8. Fire Station 4
9. Otay Recreation Center
10. Parkway Recreation Center
11. Loma Verde Recreation Center
12. Montevalle Recreation Center
13. Norman Park Senior Center
14. Public Works Corp Yard
15. Rohr Park
16. Salt Creek Recreation Center
17. Chula Vista South
18. Chula Vista Civic Center Library
19. Veterans Park