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DES:djk n'/03/95 (100/39) <br /> <br />proceeds of one or more issues of tax-exempt bonds or <br />certificates of participation (the "Obligations"); and <br /> <br /> WHEREAS, it is in the public interest and for the public <br />benefit that the City officially declare its intent to reimburse <br /> <br />the Expenditures referenced herein; <br /> NOW, THEREFORE; <br /> <br /> BE IT RESOLVED BY THE COUNCIL OF THE CITY OF REDWOOD CITY, <br />AS FOLLOWS: <br /> <br /> 1. This Council hereby declares its intention to reimburse <br />the City of Redwood City with the proceeds of the Obligations for <br />the Expenditures for the Projects, and further declares that the <br />City of Redwood City reasonably expects, on the date of adoption <br />hereof, that it will reimburse the Expenditures with the proceeds <br />of the Bonds. <br /> <br /> 2. This Council hereby further declares that each <br />Expenditure was and will be either (a) of a type properly <br />chargeable to a capital account under general federal income tax <br />principles (determined in each case as of the date of the <br />Expenditure), (b) a cost of issuance with respect to the Bonds, <br />(c) a nonrecurring item that is not customarily payable from <br />current revenues, or (d) a grant to a party that is not related <br />to or an agent of the City so long as such grant does not impose <br />any obligation or condition (directly or indirectly) to repay any <br />amount to or for the benefit of the City. <br /> <br /> <br />