2001-01 Expenditures
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RESOLUTION NO. 01-01
A RESOLUTION DECLARING INTENTION TO REIMBURSE
EXPENDITURES FROM THE PROCEEDS OF OBLIGATIONS
TO BE ISSUED BY THE ENCINIT AS RANCH GOLF AUTHORITY
RESOLVED, by the Board of Directors of the Encinitas Ranch Golf Authority ("ERGA"):
WHEREAS, ERGA proposes to undertake the project referenced below, to issue revenue bonds for
such project, and to use a portion of the proceeds of such bonds to reimburse expenditures made for the
project prior to the issuance of the revenue bonds;
WHEREAS, United States Income Tax Regulations section 1.150-2 provides generally that proceeds of
tax-exempt obligations are not deemed to be expended when such proceeds are used for reimbursement
of expenditures made prior to the date of issuance of such obligations, unless certain procedures are
followed, one of which is a requirement that (with certain exceptions), prior to the payment of any such
expenditure, the issuer declares an intention to reimburse such expenditure; and
WHEREAS, it is in the public interest and for the public benefit that ERGA declares its official intent
to reimburse the expenditures referenced herein.
NOw, THEREFORE, it is hereby DECLARED and ORDERED, as follows:
1. ERGA intends to issue revenue bonds (the "Obligations") for the purpose of paying the costs of
acquiring and constructing certain capital improvements, consisting of a bridge, restrooms and other
capital projects (see Attachment A) at the Encinitas Ranch Golf Course (the "Project").
2. ERGA hereby declares that it reasonably expects (i) to pay substantially all of the costs of the
Project prior to the date of issuance of the Obligations, and (ii) to use a portion of the proceeds of
the Obligations for reimbursement of expenditures for the Project that are paid before the date of
issuance of the Obligations.
3. The maximum principal amount of the Obligations is expected to be not in excess of
$525,000.00 .
Passed and adopted THIS 26TH DAY OF April, 2001, by the following vote:
AYES:
NOES:
ABSENT:
E. Kaiser, S. Lamson, K.
None
D. Wigginton
Mil~, A. Archibald
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Chair
Attest: 1v1 i~ C1uCð?~
By: Secretary