HomeMy WebLinkAbout18-139 - Resolution RESOLUTION NO. 18-139
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO
CUCAMONGA DECLARING ITS INTENT TO ISSUE TAX-EXEMPT BONDS TO
BE USED TO REIMBURSE THE CITY FOR EXPENDITURES PRIOR TO THE
ISSUANCE OF TAX-EXEMPT BONDS AND RESCINDING RESOLUTION NO.
18-110
WHEREAS, the City of Rancho Cucamonga (the"City") desires and intends to finance the
design, construction and acquisition of various capital improvements to establish and expand a
fiber optic network for the City in furtherance of its municipal purposes (the "Project"); 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 all or
a portion of the Project in a principal amount of approximately $13,675,000 (the "Obligations");
and
WHEREAS, the City expects to incur certain expenditures relating to the Project 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:
NOW, THEREFORE, BE IT RESOLVED and declared by the City of Rancho Cucamonga
City Council as follows:
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 $11,500,000 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.
Resolution No. 18-139 - Page 1 of 3
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. Resolution No. 18-110 is hereby rescinded.
Section 4. Effective Date. This Resolution shall take effect from and after the date of its
passage and adoption.
Resolution No. 18-139 - Page 2 of 3
PASSED, APPROVED, AND ADOPTED this 19th day of December 2018.
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L.Kennis Michael, Mayor
ATTEST:
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nice C. Reynolds,tlerk
STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO ) ss
CITY OF RANCHO CUCAMONGA )
I, Janice C. Reynolds, City Clerk of the City of Rancho Cucamonga,
do hereby certify that the foregoing Resolution was duly passed, approved, and adopted by
the City Council of the City of Rancho Cucamonga, at a Regular Meeting of said Council held
on the 19th day of December 2018.
AYES: Hutchison, Kennedy, Michael, Scott and Spagnolo
NOES: None
ABSENT: None
ABSTAINED: None
Executed this 20th day of December, 2018, at Rancho Cucamonga, California.
nice C. Reynolds, Clerk
Resolution No. 18-139 - Page 3 of 3