Resolution No. 8514in
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
RESOLUTION NO. 8514
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
VERNON DECLARING ITS INTENT TO REIMBURSE CERTAIN
EXPENDITURES FROM PROCEEDS OF INDEBTEDNESS
WHEREAS, the City of Vernon (the "City") is a municipal
corporation and a chartered city of the State of California organized
and existing under its Charter and the Constitution of the State of
California; and
WHEREAS, the City intends to acquire, construct and improve
certain capital improvements in connection with its electric system,
including but not limited to certain distribution and transmission
facilities relating thereto (the "Project"); and
WHEREAS, the City expects to pay certain expenditures (the
"Reimbursement Expenditures") in connection with the Project prior to
the issuance of indebtedness for the purpose of financing costs
associated with the Project on a long-term basis; and
WHEREAS, the City reasonably expects that debt obligations in
an amount not expected to exceed $30,000,000 will be issued and that
certain of the proceeds of such debt obligations will be used to
reimburse the Reimbursement Expenditures.
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: This declaration is made solely for purposes of
establishing compliance with the requirements of Section 1.150-2 of
1 the Treasury Regulations. This declaration does not bind the City to
2 make any expenditure, incur any indebtedness, or proceed with the
3 Project.
4 SECTION 3: The City hereby declares its official intent to
5 use proceeds of indebtedness to reimburse itself for Reimbursement
6 Expenditures.
7 SECTION 4: The City Clerk of the City of Vernon shall
8 certify to the passage of this resolution, and thereupon and
9 thereafter the same shall be in full force and effect.
10 APPROVED AND ADOPTED this 4th day of August, 2004.
11
12�;�
13 EONIS C. MALBU G, May r
14 ATTEST:
16
1
17 BRUCE V. MA KENHORST, City Clerk
18
19
20
21
22
23
24
25
26
27
28
2 -
1 STATE OF CALIFORNIA )
2 ) ss
COUNTY OF LOS ANGELES )
3
4 I, BRUCE V. MALKENHORST, City Clerk of the City of Vernon, do
5 hereby certify that the foregoing Resolution, being Resolution No.
6 8514, was duly adopted by the City Council of the City of Vernon at a
7 regular meeting of the City Council duly held on Wednesday, August 4,
8 2004, and thereafter was duly signed by the Mayor of the City of
9 Vernon.
10
11
BRUCE V. MALKENHORST, City Clerk
12
13 (SEAL)
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
3 -