2014-049 Tax Exempt Bonds RESOLUTION 2014-49
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF ENCINITAS DECLARING ITS INTENT TO ISSUE TAX-
EXEMPT BONDS TO BE USED TO REIMBURSE THE
CITY FOR EXPENDITURES PRIOR TO THE ISSUANCE
OF SUCH BONDS
WHEREAS, the City of Encinitas (the "City") desires and intends to finance (1) the
acquisition of real property (Pacific View) for public purposes and benefits, and (2) the
construction of public capital improvements to the Moonlight Beach Lifeguard Tower
(collectively, the "2014 Projects") in furtherance of its municipal purposes; and
WHEREAS, the City expects to cause the execution, delivery and sale of tax-exempt
obligations such as bonds, in one or more series, for the purpose of providing financing for the
2014 Projects (the "Obligations"); and
WHEREAS, the City expects to incur certain expenditures relating to the 2014 Projects,
and to pay for such expenditures from the City's moneys on hand prior to the execution of the
Obligations (the "Reimbursement Expenditures"); and
WHEREAS, the City reasonably expects to use a portion of the proceeds of the
Obligations to reimburse the City for expenditures made prior to the date the Obligations are
entered into, in an amount not-to-exceed $13 million;
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED by the City
Council of the City of Encinitas as follows:
SECTION 1 Declaration of Official Intent. The City hereby declares its official intent,
subject to the further approval of this Council, to utilize up to $13 million of the proceeds of the
Obligations to reimburse itself for the Reimbursement Expenditures. It is intended that this
Resolution shall constitute a declaration of "official intent" within the meaning of Section 1.150-2
of the Treasury Regulations promulgated under Section 150 of the Internal Revenue Code of
1986, as amended.
SECTION 2 Other Approvals. The adoption of this Resolution shall not bind the City
to proceed with execution and delivery of the Obligations until and unless all other necessary
actions and approvals are taken or received in accordance with all applicable laws.
SECTION 3 Effective Date. This Resolution shall take effect from and after the date of
its passage and adoption.
ADOPTED this 16th day of July, 2014.
I--,(A-tAAA (1VU
K n G ar
Mayor of the City of Encinitas
ATTEST:
,-;'Y'YAI
Kathy ywo ,
City Clerk of the City of Encinitas
CERTIFICATION
I, Kathy Hollywood, City Clerk of the City of Encinitas do hereby certify that the
foregoing resolution was adopted by the City Council of the City of Encinitas at a regular
meeting thereof held on the 16th day of July, 2014, by the following vote of the Council:
AYES: Barth, Kranz, Shaffer.
NOES: Gaspar, Muir.
ABSENT: None.
ABSTAINED: None.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of
the City of Encinitas this 16th day of July, 2014.
Kathy H woo ,
City Clerk of the City of Encinitas
(SEAL)