Loading...
HomeMy WebLinkAbout90-396 - Resolutions RESOLUTION NO. 90-396 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO CUCAMONGA, CALIFORNIA, PROVIDING THAT PAYMENTS MADE BY THE CITY IN CONNECTION WITH THE PROPOSED 800 MHZ COMMUNICATIONS PROJECT ARE TO BE MADE IN ANTICIPATION OF REIMBURSEMENT FROM THE PROCEEDS OF A PLANNED FINANCING TO BE ACCOMPLISHED BY THE CITY AND AUTHORIZING AND DIRECTING CERTAIN ACTIONS WITH RESPECT THERETO WHEREAS, the City°of Rancho Cucamonga (the "City") is proposing to proceed with a financing (the "Financing"), and in connection therewith, the City proposes to finance the acquisition of certain components required for a 800 MHz communications project, generally described in Exhibit "A" attached hereto and by this reference incorporated herein (the "Project"), and wishes to assure that amounts expended for the Project may be reimbursed from the proceeds of the Financing; and WHEREAS, it is in the public interest, for public benefit and in furtherance of the public purposes of the City that the City Council provide preliminary approval of the Financing for the aforesaid purposes. NOW, THEREFORE, the City Council of the City of Rancho Cucamonga does hereby find, determine, order and resolve as follows: SECTION 1: The City hereby declares its intent to proceed with a Financing in a principal amount of not to exceed Two Million Dollars ($2,000,000.00) for the purpose of acquiring and installing the Project. SECTION 2: The City hereby declares its intent to use proceeds of the Financing to pay for costs of the Project which are incurred after completion of the Financing as well as to reimburse the City or others for amounts paid or incurred for the Project or the Financing prior to completion of the Financing. SECTION 3: The City hereby determines that it will take all action necessary or advisable in connection with the Financing. SECTION 4: The payments to be made by the City with respect to the Financing will be an obligation payable from any legally available funds by the City. SECTION 5: The Financing shall be upon such terms and conditions as may be subsequently determined by the City and shall be subject to completion of proceedings therefore. SECTION 6: The proceeds of the Financing shall include such related and necessary delivery costs, administrative expenses, debt service reserves and interest payments as may be required to accomplish the Financing successfully. Resolution No. 90-396 Page 2 SECTION 7: The City Council of the City of Rancho Cucamonga hereby finds that the adoption of this Resolution is a substantial inducement to the City and others to expend amounts for the Project and the Financing in advance of the Financing, and that the Project will further the public purposes of the City. SECTION 8: This Resolution is adopted solely for the purpose of assuring that the exclusion of interest paid with respect to the Financing for federal income tax purposes will not be adversely affected by reason of the use of proceeds of the Financing for the reimbursement of costs paid or incurred in advance of the Financing, and the action of the City Council in adopting this Resolution shall not vest in the City or in others a right to require reimbursement in the event that the City Council, in its sole discretion determines, in the course of proceedings for the Financing, not to reimburse for costs paid or incurred in contemplation of the Financing. PASSED, APPROVED, and ADOPTED this 3rd day of October, 1990. AYES: Alexander, Brown, Buquet, Stout, Wright NOES: None ABSENT: None Dennis L. Stout', Mayor ATTEST: Debra d. Ada~, City Clerk I, DEBRA J. ADAMS, CITY CLERK of the City of Rancho Cucamonga, California, do hereby certify that the foregoing Resolution was duly passed, approved, and adopted by the City Council of the City of Rancho Cucamonga, California, at a regular meeting of said City Council held on the 3rd day of October, 1990. Executed this 4th day of October, 1990 at Rancho Cucamonga, California. Resolution No. 90-396 Page 3 EXHIBIT "A" An 800 Megahertz Radio Communication System including primary transmitters, receivers, microwave links, computers, software, base stations, mobile radios, hand- held radios, antennas, wiring, and related equipment. Said communication system is to provide radio and communication service to the City's public safety and general government operations.