Res11 P-2146 - Laserfiche WebLink

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� t� � � ;� � D RESOLUTION NO. P-z145 �� RESOLUTION OF THE BOARD OF PORT CONIMISSIONERS OF THE PORT OF REDWOOD CITY REGARDING ITS INTENTION TO ISSUE 2011 PORT REVENUE BONDS WHEREAS, the Board of Port Commissioners of the Port of Redwood City (the "PorP') desires to finance the costs of acquiring, constructing, repairing, expanding, modernizing, and/or equipping of Port facilities, primarily the redevelopment of Wharves 1 and 2, as provided in Exhibit A attached hereto and incorporated herein (the "ProjecP'); and WHEREAS, the Port intends to finance the acquisition, construction, repairing, expanding, modernizing, and/or equipping of the Project or poRions of the Project with the proceeds of the sale of revenue bonds or other forms of debt, the interest upon which is excluded from gross income for federal income tax purposes (the "Bonds"); and WHEREAS, prior to the issuance of the Bonds the Port desires to incur certain capital expenditures (the "Expenditures") with respect to the Project from available moneys of the Port; and WHEREAS, the Board of Port Commissioners 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 reunburse the Port for the Expendihues from the proceeds of the Bonds; and NOW, THEREFORE, THE BOARD OF PORT COMI�IISSIONERS OF THE PORT OF REDWOOD CITY DOES HEREBY RESOLVE, ORDER AND DETERMINE AS FOLLOWS: SECTION 1. The PoR hereby states its intention . and reasonably expects to reimburse Project costs incurred prior to the issuance of the Bonds with proceeds of the Bonds. Exhibit A describes either the general character, type, putpose, and function of the Project, or the fund or account from which Project costs aze to be paid and the general functional purpose of the fund or account. SECTION 2. The reasonably expected maximum principal amount of the Bonds is $20,000,000. SECTTON 3. This Resolution is being adopted not later than 60 days after the payment of the original Expenditures (the "Expendih�res Date or Dates"). SECTION 4. The Port will make a reimbursement allocation, which is a written allocation that evidences the Port's use of proceeds of the Bonds to reimburse an Expenditure, no later than 18 months after the later of the date on which the Expendihue is paid or the Project is placed in service or abandoned, but in no event more than three years after the date on which the Expenditure is paid. If both the PoR and a licensed architect or engineer certify that at least 5 years is necessary to complete construction of the Project, the maximum reimbursement period is changed from 3 years to 5 years. DOCSSF/81098v I /022000-0001