Resolution No. 2010-162RESOLUTION NO. 2010-162
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
VERNON DECLARING ITS INTENT TO FINANCE CERTAIN
CAPITAL EXPENDITURES FROM AMOUNTS ON DEPOSIT IN A
REMEDIATION PROCEEDS FUND CREATED IN CONNECTION
WITH THE ISSUANCE BY THE VERNON NATURAL GAS
FINANCING AUTHORITY OF ITS VARIABLE RATE REVENUE
BONDS (VERNON GAS PROJECT)
WHEREAS, the City of Vernon (the "City"), a municipal
corporation and a chartered city of the State of California, intends
to make certain capital expenditures related to its electric system
and other qualified improvements as approved by tax counsel for the
above -referenced Bonds (the "Bonds") (collectively, the "Project");
and
WHEREAS, there are currently on deposit in, or allocable to,
a remediation proceeds fund established in connection with the
issuance of the Bonds (the "Fund") amounts which the City plans to use
to pay for a portion of the costs of the Project); and
WHEREAS, the City may initially pay a portion of the costs
of the Project from sources other than from the amounts in the Fund
with the intent to reimburse itself from amounts in the Fund (the
"Reimbursement Expenditures"); and
WHEREAS, amounts in the Fund allocated to Reimbursement
Expenditures will be withdrawn from the Fund no later than two years
from the date of receipt of such amounts.
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 1.148-12(e)
of the Treasury Regulations relating to so-called "remedial actions."
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 amounts in the Fund either directly to pay for costs of the
Project or for Reimbursement Expenditures within two years from the
date of receipt of each amount deposited into the Fund.
SECTION 4: The City Clerk of the City of Vernon shall
certify to the passage, approval and adoption of this resolution, and
the City Clerk of the City of Vernon shall cause this resolution and
the City Clerk's certification to be entered in the File of
Resolutions of the Council of this City.
APPROVED AND ADOPTED this 15th day of November, 2010.
NAME: Hilario Gonzales
TITLE: Mayor / Za;rnr Pr6_-_T_em_
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STATE OF CALIFORNIA )
ss
COUNTY OF LOS ANGELES )
I, Willard G. Yamaguchi,, City Clerk of the City of Vernon, do
hereby certify that the foregoing Resolution, being Resolution
No. 2010-162, was duly passed, approved and adopted by the City Council
of the City of Vernon at a regular meeting of the City Council duly
held on Monday, November 15, 2010, and thereafter was duly signed by
the Mayor or Mayor Pro-Tem of the City of Vernon.
Executed this 1`7 day of November, 2010, at Vernon. California_
(SEAL)
Willard a aguc i City Clerk
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CITY CLERK'S OFFICE
INTEROFFICE MEMORANDUM
DATE: November 17, 2010
TO: Carlos Fandino, Director of Light & Power
FROM: Willard Yamaguchi, City Clerk
RE: Resolution No. 2010-162 — A Resolutio f the City Council of the City of Vernon
Declaring its Intent to Finance Certain Capital Expenditures from Amounts on Deposit in a
Remediation Proceeds Fund Created in Connection with the Issuance by the Vernon Natural
Gas Financing Authority of its Variable Rate Revenue Bonds (Vernon Gas Project)
Transmitted herewith is a copy of Resolution No. 2010-162 referenced above, which was approved by City
Council on November 15, 2010.
Thank you.
WY:dj
Attachment
c: Rory Burnett
Resolution No. 2010-162
RECEIVED
N0v 0 3 2010
STAFF REPORT cl`CYCLERKsoFFic�
LIGHT & POWER
DATE: November 15, 2010
TO: Honorable Mayor and City Council
FROM: Carlos R. Fandino, Jr. d,
Director of Light & Power
RE: Intent to Finance Certain Capital Expenditures
The Light & Power Department intends to finance certain capital expenditures and
improvements related to its electric system. The Department plans to use amounts on
deposit in a remediation proceeds fund created in connection with the Vernon Gas
Project to pay for a portion of capital project expenditures.
RECOMMENDATION:
The Light and Power Department recommends City Council approval at the November
15, 2010 City Council meeting, for the use of remediation fund proceeds to pay for
capital expenditure projects or for reimbursement of capital expenditures within two
years from the date of receipt of each amount deposited into the remediation fund.
FISCAL IMPACT
No fiscal impact.
CRF:ah
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