2019-059 Issue Tax-Exempt Financing for Qualified Expenditures RESOLUTION 2019-59
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ENCINITAS
DECLARING ITS INTENT TO ISSUE TAX-EXEMPT FINANCING TO BE
USED TO REIMBURSE THE CITY FOR QUALIFIED EXPENDITURES
PRIOR TO THE ISSUANCE OF SUCH FINANCING
WHEREAS, the City Council of the City of Encinitas (the "City") desires
and intends to finance the purchase and equipping of certain fire apparatus (the
"Purchase") in furtherance of its municipal purposes; and
WHEREAS, the City may desire to seek or issue tax-exempt obligations
(the "Obligations") such as equipment lease financing, for the purpose of providing
financing for the Purchase at a future date; and
WHEREAS, the City expects to incur certain expenditures relating to the
Purchase, and to pay for such expenditures from the City's monies on hand prior to the
execution of the Obligations (the "Reimbursement Expenditures"); -and
WHEREAS, the City reasonably expects to use the proceeds of the
Obligations to reimburse the City for expenditures made prior to the date the Obligations
are issued;
NOW, THEREFORE:
BE IT RESOLVED by the City Council of the City of Encinitas the
following:
Section 1. Declaration of Official Intent. The City hereby declares its
official intent, subject to the further approval of this Council, to use.up to $800,000 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 issuance 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 upon
adoption.
PASSED AND ADOPTED this 10th day of July, 2019 by the following vote
to wit:
AYES: Blakespear, Hubbard, Kranz, Mosca
NAYS: None
ABSENT: Hinze
ABSTAIN: None
Catherine S. Blakespear
Mayor, City of Encinitas
ATTEST:
`` LA%AAJ
Kathy Hollywood,
City Clerk, City of Encinitas