RES 91136 - Laserfiche WebLink

Section 3: The City Council expects the Issuer will pay certain capital expenditures in connection with the Project prior to the issuance of taxable or tax-exempt indebtedness for the Project. The reimbursement of such Project expenditures is consistent with the Issuer's established budgetary and financial circumstances. As of the date hereof, the City Council of the Issuer reasonable expects that such Project expenditures shall be paid from the Issuer's General Fund or General Fund Capital Contingency Reserve. No portion of the Issuer's General Fund or General Fund Capital Contingency Reserve or any other fund of the Issuer or of any related person has been heretofore budgeted to be used to pay the costs of the portion of the Project to be financed with a taxable or tax-exempt borrowing. The City Council of the Issuer does not expect that moneys in the Issuer's General Fund or General Fund Capital Contingency Reserve temporarily used to pay such Project expenditures will be permanently available for the Project. Other than proceeds of taxable or tax-exempt indebtedness to be issued for the Project, there are no funds or sources of moneys that have been, or reasonably are expected to be, allocated, reserved, or otherwise made available on a long-term basis pursuant to the Issuer's budget to pay costs of the Project. Section 4: Project expenditures that are to be reimbursed to the Issuer shall not have been paid from proceeds of any other tax-exempt indebtedness. Section 5: The City Council of the Issuer hereby declares the Issuer's official intent to use proceeds of taxable or tax-exempt indebtedness to reimburse itself for future Project expenditures. The City Council of the Issuer reasonably expects that such indebtedness will be secured by and payable from the City's General Fund. Section 6: This Resolution shall be continuously available for inspection by the general public during normal business hours at the offices of the Issuer, located at 123 Main Street, Pleasanton, California commencing on August 26, 1991. Section 7: This resolution shall become effective immediately upon its passage and adoption.