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RESOLUTION NO. 2024-012 <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PLEASANTON <br /> DECLARING INTENTION TO REIMBURSE EXPENDITURES RELATING TO CAPITAL <br /> IMPROVEMENT PROJECTS FROM THE PROCEEDS OF TAX-EXEMPT <br /> OBLIGATIONS <br /> WHEREAS, the City of Pleasanton (the "City") owns and operates facilities and property <br /> for the collection, treatment and supply of water within the service area of the City (the "Water <br /> System"); and <br /> WHEREAS, the City anticipates undertaking certain capital improvement projects, to issue <br /> debt for such projects, and to use a portion of the proceeds of such debt to reimburse expenditures <br /> made for the projects prior to the issuance of the debt; and <br /> WHEREAS, United States Income Tax Regulations section 1.150-2 provides generally <br /> that proceeds of tax-exempt debt are not deemed to be expended when such proceeds are used <br /> for reimbursement of expenditures made prior to the date of issuance of such debt unless certain <br /> procedures are followed, one of which is a requirement that prior to the payment of any such <br /> expenditures, the issuer declares an intention to reimburse such expenditure; and <br /> WHEREAS, it is in the public interest and for the public benefit that the City declares its <br /> official intent to reimburse the expenditures referenced herein. <br /> NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLEASANTON DOES <br /> RESOLVE, DECLARE, DETERMINE AND ORDER THE FOLLOWING: <br /> SECTION 1. Description of Project. The City Council hereby declares that it reasonably <br /> expects the City, or a related entity, to issue tax-exempt obligations in one or more series (the <br /> "Obligations") for the purpose of paying the costs of capital improvement projects for the Water <br /> System, sometimes referred to as the interim water improvements (the "Project"). <br /> SECTION 2. City Expectations. The City hereby declares that it reasonably expects to <br /> pay certain costs of the Project prior to the date of issuance of the Obligations and to use a portion <br /> of the proceeds of the Obligations for reimbursement of expenditures for the Project that are paid <br /> before the date of issuance of the Obligations. The maximum principal amount of Obligations <br /> expected to be issued is $19,000,000. <br /> SECTION 3. Effective Date. This Resolution shall take effect from and after the date of <br /> its passage and adoption. <br /> PASSED, APPROVED AND ADOPTED by the City Council of the City of Pleasanton at <br /> a regular meeting held on March 5, 2024. <br /> {Vote and signatures to follow on next page} <br />