Resolution No. 97901
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RESOLUTION NO. 9790
A RESOLUTION OF THE CITY COUNCIL OF;THE CITY OF
VERNON DECLARING ITS INTENT TO REIMBURSE CERTAIN
EXPENDITURES FROM PROCEEDS OF INDEBTEDNESS
REGARDING CERTAIN CAPITAL COSTS RELATED TO ELECTRIC
SYSTEM
WHEREAS,' the City of Vernon (the "City"), a municipal
corporation and a chartered city of the State of California, intends
to finance certain capital costs related to its electric system
(collectively, 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 $70,000,000.00 will be issued and
that certain of the proceeds of such debt obligations will be used to
reimburse the Reimbursement Expenditures; and
WHEREAS, proceeds of such debt obligations will be allocated
to Reimbursement Expenditures no later than 18 months after the later
of (i) the date the cost is paid, or (ii) the date the Project is
placed in service or abandoned (but in no event more than three years
after the cost is paid).
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.
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SECTION 2: This declaration is made solely for purposes of
establishing compliance with the requirements of Section 1.150-2 of
the Treasury Regulations. This declaration does not bind the City to
make any expenditure, incur any indebtedness, or proceed with the
Project.
SECTION 3: The City hereby declares its official intent to
use proceeds of indebtedness to reimburse itself for Reimbursement
Expenditures.
SECTION 4: The City Clerk of the City of Vernon shall
certify to the passage of this resolution, and thereupon and
thereafter the same shall be in full force and effect.
APPROVED AND ADOPTED this 15th day of December, 2008.
ATTEST:
MkNUELA GIRbN, �ity Clerk
Name: Leonis'-C. Malburg
T i t 1 e : M a y o r /
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STATE OF CALIFORNIA
) ss
COUNTY OF LOS ANGELES
I, MANUELA GIRON, City Clerk of the City of Vernon, do hereby
certify that the foregoing Resolution, being Resolution No. 9790, was
duly adopted by the City Council of the City of Vernon at a regular
meeting of the City Council duly held on Monday, December 15, 2008, and
thereafter was duly signed by the Mayor or Mayor Pro-Tem of the City of
Vernon.
(SEAL)
IMANUELA GIR(�N, tity Clerk
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CITY CLERK'S OFFICE
INTEROFFICE MEMORANDUM
DATE:, January 5, 2009
TO: Rory Burnett, Finance Director
Sharon Duckworth, City Treasurer
Masami Higa, Internal Control Manager/Controller
Joaquin Leon, Assistant Finance Director
FROM: Nelly Giron, City Clerk
RE: Resolution No. 9790 - A Resolution of the City Council of
the City of Vernon Declaring Its Intent to Reimburse Certain
Expenditures From Proceeds of Indebtedness Regarding Certain
Capital,Costs Related to Electric System
Transmitted herewith is a copy of Resolution No. 9790 referenced
above, which was approved by City Council on December 15, 2008.
Thank you.
NG: dj
C: Resolution File No. 9790