HomeMy WebLinkAboutCity Council Resolution 91-11 RESOLUTION NO. 91-11
RESOLUTION OF INTENT OF THE CITY COUNCIL
OF THE CITY OF SARATOGA TO FINANCE CERTAIN CITY IMPROVEMENTS
FROM THE PROCEEDS OF TAX-EXEMPT OBLIGATIONS OF THE CITY
NOW~ THEREFORE, BE IT RESOLVED by the City of Saratoga as fol-
lows:
It is the present intent of the City of Saratoga (the "City") to
finance the design~ acquisition, improvement, addition,.
alteration, construction and equipping of improvements to the
Saratoga Civic Center~ 13777 Fruitvale Avenue; the Saratoga
Community Center, 19655 Allendale Avenue; the City of Saratoga
Corporation Yard, 19700 Allendale Avenue; and to acquire in fee a
5.1 acre parcel of land commonly known as the Nelson Gardens,
20851 Saratoga Hills Road, (collectively, the "Project"} from the
proceeds of certain Certificates of Participation (the "Certifi-
cates") evidencing an undivided and proportionate interest of the
owners thereof in rental payments to be paid by the City for such
Project, or from the proceeds of general obligation bonds or
other tax-exempt obligations of the City. In the event any item
or portion of such Project is acquired, constructed or improved
prior to the issuance of the Certificates, general obligation
bonds or other tax-exempt financing~ it is the intent of the City
to reimburse the cost of such acquisition, construction or im
provements from the proceeds of such Certificates or other obli-
gations. The City Manager and/or Finance Director shall desig-
nate items or portions of the Project which will be so reim-
bursed.
The above and foregoing resolution was passed and adopted at a
regular meeting of the Saratoga City Council held on the 6th
day of February 1991, by the following vote:
AYES: Councilmembers Anderson, Clevenger, andMayor Stutzman
NOES: Councilmembers Kohler andMonia
ABSENT: None
ATTEST:
Deputy City Cler