Resolution No. 6078
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RESOLUTION NO. 6078
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF VERNON DECLARING ITS INTENTION TO
REIMBURSE EXPENDITURES RELATING TO
ELECTRIC SYSTEM CAPACITY PROJECTS FROM THE
PROCEEDS OF TAX-EXEMPT BONDS
WHEREAS, the City of Vernon is a charter city of the
State of California, and as such has previously adopted on
November 13, 1991, Ordinance No. 1004 enacting Article XI of
Chapter 2 of the Vernon city Code, constituting the City of
Vernon Municipal Facilities Revenue Bond Law (the "Bond Law");
and
WHEREAS, pursuant to the Bond Law, the city of Vernon
is authorized to issue its revenue bonds for the purpose of
financing the acquisition and construction of any land,
improvements, facilities, equipment and other property of any
nature whatsoever, which are used in any municipal operation of
the City, including but not limited to the system of ~hecity
for the generation, production, transmission and distribution of
electricity, gas and other forms of energy for lighting,
heating, and power for public or private uses; and
WHEREAS, the City of Vernon is proceeding at this time
to acquire electrical transmission capacity in the California-
Oregon Transmission Project, the Mead-Phoenix project and the
Mead-Adelanto Project (collectively, the "Projects") relating to
the electric system of the City of Vernon; and
WHEREAS, in order to provide funds to finance such
acquisition, the City Council has previously adopted Resolution
No. 6015 on November 19, 1991, authorizing the issuance and sale
of its Electric System Revenue Bonds in the aggregate principal
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amount of not to exceed $70,000,000; and
WHEREAS, subsequent to the adoption of Resolution No.
6015 there has been released section 1.103-18 of the united
States Income Tax Regulations (the "Reimbursement Regulations"),
which contains provisions relating to the ability of the City of
Vernon to reimburse from the proceeds of the Bonds any costs
advanced for the Projects on or after March 2, 1992, and the
City Council wishes to declare its intention to make such
reimbursements in order to ensure that any such reimbursements
are eligible to be made in accordance with the Reimbursement
Regulations.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF VERNON AS FOLLOWS:
SECTION 1: The City Council of the city of Vernon
hereby finds and determines that the recitals contained
hereinabove are true and correct.
SECTION 2: The city council of the city of Vernon
hereby declares its intention to issue the Bonds in the
aggregate principal amount of not to exceed $70,000,000 for the
purpose of financing the acquisition of the Projects, a portion
of the proceeds of which are reasonably expected to be used to
reimburse the City for expenditures relating to the projects
which are made on or after March 2, 1992, and before the date of
issuance of the Bonds. The foregoing declaration is intended to
be a declaration of official intent under the Reimbursement
Regulations.
SECTION 3: The city Clerk is hereby authorized and
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1 directed to make a copy of this Resolution available to the
2 public at the customary 10cation of public records of the City,
3 within at least thirty (30) days fOl10wing the adoption of this
4 Resolution, and to assure the public availability thereof at all
5 times prior to the issuance of the Bonds.
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SECTION 4: The city Clerk of the city of Vernon shall
7 certify to the passage of this resolution and thereupon and
8 thereafter the same shall be in full force and effect.
9 APPROVED AND ADOPTED this 27th day of April, 1992.
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BRUCE V. MALKENHORST, City Clerk
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STATE OF CALIFORNIA )
) ss
COUNTY OF LOS ANGELES )
I, BRUCE V. MALKENHORST, City Clerk of the City of
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Vernon, do hereby certify that the foregoing Resolution, being
Resolution No. 6078, was duly adopted by the City Council of the
City of Vernon at an adjourned regular meeting of the City
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7 Council duly held on Monday, April 27. 1992, and thereafter was
8 duly signed by the Mayor of the City of Vernon.
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BRUCE V. MALKENHORST, City Clerk
(SEAL)
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