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HomeMy WebLinkAboutCity Council Resolution 97-23 RESOLUTION NO. 97-23 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SARATOGA OF INTENT TO REIMBURSE EXPENDITURES VESSING ROAD ASSESSMENT DISTRICT The City Council of the City of Saratoga resolves: WHEREAS, the City of Saratoga is considering initiation of proceedings for the financing and construction of street and utility improvements pursuant to the Municipal Improvement Act of 1913, with bonds to be issued upon unpaid assessments pursuant to the Improvement Bond Act of 1915. WHERFAS, the maximum reasonably expected principal amount of bonds to be issued for such purpose is $568,880.00. WHEREAS, Section 10210 of the Municipal Improvement Act of 1913 provides that this Council, to expedite the conduct of proceedings and the making of any acquisition or improvement, may at any time advance out of any money in any available fund such sums as it deems necessary and that any sums so transferred are a loan and shall be repaid out of the proceeds of any assessments levied. NOW, THEREFORE, BE IT RESOLVED, that for the purpose of complying with Section 1-103.18 of Income Tax Regulations of the United States Treasury, the Council makes the following declaration of official intent: 1. From time to time, the City may advance money to the project for expenses related to the acquisition and construction, including the expenses incidental thereto, of street and utility improvements. The City may continue to advance moneys for this purpose until the issuance of bonds to represent the unpaid assessments. 2. The City reasonably expects to reimburse itself for these expenditures from the proceeds of debt, namely, the issuance of the bonds to represent the unpaid assessments. 3. The reimbursement shall be allocated to the City as soon as the bonds are issued, which issuance shall occur before the street and utility improvements are completed. 4. This resolution shah be available for public inspection upon its adoption. The above and foregoing resolution was passed and adopted by the Saratoga City Council at a meeting held on the 21st day of May, 1997, by the following vote: AYES: Councilmembers ~acobs, Shaw, Wolfe, and Mayor Moran NOES: None Councilmember Bogosian ABSENT: ATFEST: