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DES:djk ~/03/95 (100/39) <br /> 0 R I G I N A L 4/24/95 <br /> <br /> RESOLUTION NO. 12454 <br /> <br /> RESOLUTION DECLARING INTENTION TO REIMBURSE THE CITY OF <br /> REDWOOD CITY FROM THE PROCEEDS OF ONE OR MORE TAX <br /> EXEMPT FINANCINGS FOR CERTAIN EXPENDITURES MADE OR TO <br /> BE MADE IN CONNECTION WITH THE ACQUISITION, <br /> CONSTRUCTION AND EQUIPPING OF CERTAIN CAPITAL <br /> IMPROVEMENTS <br /> <br /> WHEREAS, the City of Redwood City, a municipal corporation <br />of the State of California has paid, and will continue to pay <br />certain expenditures in connection with the acquisition, <br />construction, renovation and equipping of a variety of capital <br />improvement projects (the "Projects"), more particularly <br />described in Exhibit "A" hereof, attached hereto and by this <br />reference incorporated herein; and <br /> <br /> WHEREAS, United States Income Tax Regulations Section <br />1.150-2 provides, generally, that proceeds of tax-exempt debt are <br />not deemed to be expended when such proceeds are used for <br />reimbursement of expenditures made prior to the date of issuance <br />of such debt unless certain procedures are followed, one of which <br />is a requirement that (with certain exceptions), prior to the <br />payment of any such expenditure, the issuer declare an intention <br />to reimburse such expenditure; and <br /> <br /> WHEREAS, this Council has determined that those monies <br />previously advanced, but no later than 60 days prior to the date <br />of adoption hereof, and those monies to be advanced on or after <br />said date of adoption, (collectively, the "Expenditures") to pay <br />for the Projects are available only for a temporary period and it <br />is necessary to reimburse the City for the Expenditures from the <br /> <br /> <br />