RES 15728 - Laserfiche WebLink

RESOLUTION NO. 15 -728 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PLEASANTON, APPROVING THE CITY'S INTENTION TO REIMBURSE ITSELF FROM THE LOANS FROM THE STATE WATER RESOURCES CONTROL BOARD FOR PROJECT FUNDING TO COMPLETE PHASE 1A OF THE PLEASANTON RECYCLED WATER PROJECT WHEREAS, the City of Pleasanton (the "Agency ") desires to finance the costs of constructing and /or reconstructing certain public facilities and improvements relating to its water and wastewater system, including certain treatment facilities, pipelines and other infrastructure (the "Project "); and WHEREAS, the Agency intends to finance the construction and /or reconstruction of the Project or portions of the Project with moneys ( "Project Funds ") provided by the State of California, acting by and through the State Water Resources Control Board (State Water Board); and WHEREAS, the State Water Board may fund the Project Funds with proceeds from the sale of obligations the interest upon which is excluded from gross income for federal income tax purposes (the "Obligations "); and WHEREAS, prior to either the issuance of the Obligations or the approval by the State Water Board of the Project Funds the Agency desires to incur certain capital expenditures (the "Expenditures ") with respect to the Project from available moneys of the Agency; and WHEREAS, the Agency has determined that those moneys to be advanced on and after the date hereof to pay the Expenditures are available only for a temporary period and it is necessary to reimburse the Agency for the Expenditures from the proceeds of the Obligations. NOW, THEREFORE, THE AGENCY DOES HEREBY RESOLVE, ORDER AND DETERMINE AS FOLLOWS: SECTION 1. The Agency hereby states its intention and reasonably expects to reimburse Expenditures paid prior to the issuance of the Obligations or the approval by the State Water Board of the Project Funds. SECTION 2. The reasonably expected maximum principal amount of the Project Funds is $19,875,720. SECTION 3. This resolution is being adopted no later than 60 days after the date on which the Agency will expend moneys for the construction portion of the Project costs to be reimbursed with Project Funds. SECTION 4. Each Agency expenditure will be of a type properly chargeable to a capital account under general federal income tax principles.