Resolution No. 8784
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RESOLUTION NO. 8784
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
VERNON DECLARING ITS INTENT TO REIMBURSE CERTAIN
EXPENDITURES FROM PROCEEDS OF INDEBTEDNESS
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WHEREAS, the City of Vernon (the ~City"), a municipal
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corporation and a chartered city of the State of California, intends
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to acquire, construct and improve certain capital improvements in
connection with its electric system, including the acquisition,
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construction and equipping costs of a new power plant (the ~ProjectH);
and
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WHEREAS, the City expects to pay certain expenditures (the
"Reimbursement ExpendituresH) in connection with the Project prior to
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the issuance of indebtedness for the purpose of financing costs
associated with the Project on a long-term basis; and
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WHEREAS, the City reasonably expects that debt obligations in
an amount not expected to exceed $765,000,000,00 will be issued and
that certain of the proceeds of such debt obligations will be used to
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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
26 establishing compliance with the requirements of Section 1.150-2 of
27 the Treasury Regulations. This declaration does not bind the City to
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SECTION 3:
The City hereby declares its official intent to
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SECTION 4:
The City Clerk of the City of Vernon shall
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~ <::..e.- If:-- <
15 BRUCE V. MALKENHORST,-~~~~-
Acting City Clerk
ATTEST:
1 Project.
3 use proceeds of indebtedness to reimburse itself for Reimbursement
6 certify to the passage of this resolution, and thereupon and
7 thereafter the same shall be in full force and effect.
8 APPROVED AND ADOPTED this 29th day of June, 2005.
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1 STATE OF CALIFORNIA
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COUNTY OF LOS ANGELES
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I, BRUCE V. MALKENHORST, City Clerk of the City of Vernon, do
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hereby certify that the foregoing Resolution, being Resolution No.
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8784, was duly adopted by the City Council of the City of Vernon at an
adjourned regular meeting of the City Council duly held on Wednesday,
June 29, 2005, and thereafter was duly signed by the Mayor of the City
of Vernon.
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E V. MALKENHORST,
Acting City Clerk
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