Loading...
1996-01 Expenditures . . . RESOLUTION NO. 96-01 A RESOLUTION DECLARING INTENTION TO REIMBURSE EXPENDITURES FROM THE PROCEEDS OF OBLIGATIONS TO BE ISSUED BY THE ENCINITAS RANCH GOLF AUTHORITY AND DIRECTING CERTAIN ACTIONS RESOLVED, by the Board of Directors of the Encinitas Ranch Golf Authority (the "Authority"): WHEREAS, the Authority proposes to undertake the project referenced below, to issue debt for such project and to use a portion of the proceeds of such debt to reimburse expenditures made for the project prior to the issuance of the debt; WHEREAS, United States Income Tax Regulations section 1.150-2 provides generally that proceeds of tax-exempt debt are not deemed to be expended when such proceeds are used for reimbursement of expenditures made prior to the date of issuance of such debt 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 the Authority declares its official intent to reimburse the expenditures referenced herein. NOW, THEREFORE, it is hereby DECLARED and ORDERED, as follows: 1. The Authority intends to issue obligations (the "Obligations") for the purpose of paying the costs of acquiring and constructing the Encinitas Ranch Golf Course (the "Project"). 2. The Authority hereby declares that it reasonably expects (i) to pay certain 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 $10,000,000. 4. adoption. This Resolution shall take effect from and after the date of its passage and . . . APPROVED AND ADOPTED this 2nd day of May, 1996. AYES: NAYES: ABSENT: ABSTAIN: Attest: ~. . 1 CÀ./' I- L [. ,-_C!L Secretary Kaiser, Riggins, Wasserman, Archibald, Wigginton none ,Ç;;?/¡;r1L . Chairperson none none " <:"L)r,.Ç~J'--