RES 92049 - Laserfiche WebLink

CITY COUNCIL OF THE CITY OF PLEASANTON ALAMEDA COUNTY, CALIFORNIA RESOLUTION NO. 92-49 RESOLUTION OF INTENT TO REIMBURSE EXPENDITURES ASSESSMENT DISTRICT NO. 1986-7 CITY OF PLEASANTON, CALIFORNIA WHEREAS, on October 7, 1986, the City Council levied special assessments in the amount of $116,350,379 in Assessment District No. 1986-7 for the purpose of refunding certain existing assessments and constructing certain public improvements, including domestic water storage and distribution facilities; and WHEREAS, cash payments and adjustments reduced the amount of unpaid assessments to $113,016,466.63, of which $105,996,679 was represented by improvement bonds issued as Series A to finance the refundings and a portion of new improvements; and WHEREAS, the principal amount of not to exceed $7,019,787.63 in bond authorization was reserved for a future Series B issue of bonds to finance the water storage and distribution facilities. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLEASANTON RESOLVES AS FOLLOWS: Section 1: For the purpose of complying with Section 1-103.18 of Income Tax Regulations of the United States Treasury, the City Council makes the following declaration of official intent: 1. From time to time since September 8, 1989, the City has advanced moneys to the improvement fund of Assessment District No. 1986-7 for expenses related to the acquisition and construction of the water storage and distribution facilities described in the assessment proceedings. The City will continue to advance moneys for this purpose until the issuance of Series B of improvement bonds of Assessment District No. 1986-7. 2. All of the expenditures described in paragraph 1 are capital expenditures as defined in Section 1.103-18. 3. The City reasonably expects to reimburse itself for these expenditures from the proceeds of debt, namely, the issuance of the Series B bonds.