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02/03/03 <br />O R I G I N A L <br />RESOLUTION NO. 14498 <br />A RESOLUTION DECLARING THE OFFICIAL INTENT TO <br />REIMBURSE EXPENDITURES FROM THE PROCEEDS OF <br />TAX EXEMPT SECURITIES <br />WHEREAS, the City of Redwood City (the "City ") is considering the construction <br />and acquisition of the facilities described in detail below (collectively the "Project'); and <br />WHEREAS, should the City move forward with the Project, it will expend funds <br />for the construction and acquisition of the Project; and <br />WHEREAS, the City reasonably expects to reimburse such potential <br />expenditures by authorizing the sale and delivery of one or more series of obligations, <br />as described below: <br />NOW, THEREFORE, the City hereby resolves as follows: <br />1. This Resolution is a declaration of official intent to reimburse <br />expenditures pursuant to Treasury Regulations Section 1.150 -2. <br />2. The City is considering the construction and acquisition of the <br />Project consisting of a 3.7 million gallon per day (MGD) recycled water treatment <br />and distribution system. The recycled water treatment system consists of <br />improvements at South Bayside System Authority (SBSA) to provide water that <br />meets the requirements of Title 22, Article 3 for Disinfected Tertiary Recycled <br />Water. The improvements at SBSA include but are not limited to coagulation, <br />filtration, and disinfection facilities. The recycled water distribution system <br />consists of up to 26.5 miles of distribution pipeline, service connections and <br />customer retrofits, pumping facilities, storage, and stand -by potable water <br />connections. <br />3. Should the City approve the Project, the City reasonably expects to <br />reimburse the potential expenditures through the sale and delivery of one or more <br />series of obligations (the "Obligations "), the interest component on which is excludable <br />from gross income under Section 103 of the Internal Revenue Code. The maximum <br />principal amount of Obligations to be issued for the Project is forty -three million six <br />hundred thousand dollars ($43,600,000.00). <br />4. The reimbursement allocation to be made with respect to the <br />expenditures will occur not later than eighteen (18) months after the later of (i) the date <br />on which the expenditure is paid, or (ii) the date on which the Project is placed in <br />service, but in no event more than 3 years after the expenditure is paid. <br />F:Atty /Reso /Reso.1355 <br />011703 <br />