Res11 P-2146 - Laserfiche WebLink

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.- � . :�� 00 p� SECTION 5. Each Expendihue will be either (a) of a type properly chargeable to a capital account under general federal income tax principles (determined in each case as of the date of the Expenditure), (b) a cost of issuance with respect to the Obligations, (c) a nonrecurring item that is not customarily payable from current revenues, or (d) a grant to a party that is not related to or an agent of the Port so long as such grant does not impose any obligarion or condidon (directly or indirectly) to repay any amount to or for the benefit of the Port. SECTION 6. This resolution is consistent with the budgetary and fmancial circumstances of the Port, as of the date hereof. No moneys from sources other than the Obligations aze, or are reasonably expected to be reserved, allocated on a long-term basis, or otherwise set aside by the Por[ (or any related par[y) pursuant to their budget or financial policies with respect to the Project costs. To the best of our lmowledge, this Board is not aware of the previous adoption of official intents by the Port that have been made as a matter of course for the purpose of reimbursing expenditwes and for which tax-exempt obligations have not been issued. SECTION 7. This resolution is adopted as official action of the Port in order to comply with Treasury Regulation § 1.150-2 and any other regularions of the Intemal Revenue Service relating to the qualification for reimbursement of Port expenditures incurred prior to the date of issue of the Obligarions. SECTION 8. The limitations described in Section 3 and Section 4 do not apply to (a) costs of issuance of the Obligations, (b) an amount not in excess of the lesser of $100,000 or five percent (5%) of the proceeds of the Obligations, or (c) any preliminary expenditures, such as azclvtectural, engineering, surveying, soil testing, and similaz costs other than land acquisition, site preparauon, and similaz costs incident to commencement of construction, not in excess of twenty percent (20%) of the aggregate issue price of the Obligations that finances the Project for which the preliminary expenditures were incurred. SECTION 9 . All the recitals in this Resolution are true and correct and this Boazd so finds, deternvnes and represents. I, �jqyy� f�S QinB�, do hereby certify that the foregoing is a true and correct copy of Resolution No P-2146 , which was duly adopted by the Board of Port Commissioners of the PoR of Redwood City at a meeting thereof held on the 2� day of July, 2011, and that it was so adopted by the following vote: AYES BOARD MEMBERS:cCommissioner Tom Cronin; Secretary Lorianna tcastrop; Vice Chairman Richard Claire; Chairman Ralph Garcia NOES BOARD MEMBERS: none ABSENT BOARD MEMBERS: Commissioner Richard Dodge ABSTENTIONS BOARD MEMBERS: none \ BY resident of the Board of Port Commissioners �— etary, Boazd ort Commissioners 2 07/22/2011 DOCSSF/81098v 1 /022000-0001