HomeMy Public PortalAbout96-58RESOLUTION NO. 96-58
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LYNWOOD
DECLARING ITS INTENTION TO REIMBURSE ITSELF FROM THE
PROCEEDS OF ONE OR MORE TAX-EXEMPT FINANCINGS FOR
CERTAIN EXPENDITURES MADE AND/OR TO - BE MADE IN
CONNECTION- WITCH THE ACQUISITION AND CONSTRUCTION OF
- CERTAIN CAPITAL IMPROVEMENTS
WHEREAS, the City of Lynwood (the "City") is a municipal corporation organized and
existing under the laws of the State of California; and
WHEREAS, the City has paid, beginning no earlier than 60 days prior to the date hereof,
and will pay, on and after the date hereof, certain expenditures (the "Expenditures") in connection
with the improvements and betterments to the Civic Center (collectively, the "Project"), as more
fully described in Exhibit A attached hereto; and
WHEREAS, the City Council of the City (the "City Council") has determined that those
moneys previously advanced as identified by memorandum of the Finance Director of the City
attached hereto as Exhibit B and such other Expenditures incurred no more than 60 days prior
to the date hereof and 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 reimburse the City for the
Expenditures from the proceeds of one or more issues of tax-exempt bonds (the "Bonds");
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL AS FOLLOWS:
Section 1. The City Council hereby declares the City's intent to reimburse the City with
the proceeds of the Bonds for the Expenditures with respect to the Project as identified in the
memorandum attached hereto as Exhibit B and Expenditures made on and after March 1, 1996,
which date is no more than 60 days prior to the date hereof. The City reasonably expects on the
date hereof that it will reimburse the Expenditures with the proceeds of the Bonds.
Section 2. Each Expenditure was and will be either (a) of a type properly chargeable to
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 Bonds, (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 City so long as such grant does not impose any obligation or condition
(directly or indirectly) to repay any amount to or for the benef t of the City.
Section 3. The maximum principal amount of the Bonds expected to be issued for the
Project is $1,500,000.
Section 4. The City will make a reimbursement allocation, which is a written allocation
by the City that evidences the City'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 Expenditure is paid or the Project
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is placed in service or abandoned, but in no event more than three years after the date on which
the Expenditure is paid. The City recognizes that exceptions are available for certain
"preliminary expenditures," costs of issuance, certain de minimis amounts, expenditures by "small
issuers" (based on the year of issuance and not the year of expenditure) and expenditures for
construction projects of at least 5 years.
Section 5. This resolution shall take effect immediately upon its passage.
PASSED AND ADOPTED this 7th day of May, 1996.
___~
Mayor
Attested to:
_ t.Q._lc,_, ~j i
S ecretarv
APPROVED AS TO FORM:
APPROVED AS TO CONTENT:
City Attorney Faust' Gonz le ,.City ager
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES )
i lam='/
Al et a F. Earnest, Director of Finance
I, the undersigned, City Clerk- of the City of Lynwood, dc~ hereby
certify that the foregoing resolution vaas passed ar~d adopted br the Cite Council
of the Cite of Linwood at a regular mPating held on the 7th da?~ of May, 1996.
AYES: COUNCILMEMBER GYRO, HEINE, FlEN~IING, REA, RICHAitDS ~~
HOES: NONE
ABSEhT: NONE
~ ~
City Clerk, Cit.-' of L,~:~nwo d
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES )
I, the undersigned City Clerk of. the City of L~~nwood, and C1Prk of
the City Council of said Citv~, da hereby cPrtif~~ that the above and foregoing
i s a fu 11 , true f.nc1 correct cop ~ of Resolution ho. 96-58 on f i 1 Q i M ~~A off 1 c.?
and that s~;:id resolution ~ti~as adopted on the date and b,r the vote therein stated.
D<cted this 7th d~t=< c;f ~iav, 1996.
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Cites C7ea~k
EXHIBIT A
DESCRIPTION OF PROJECT
I !
t
The Project consists of certain improvements and betterments to the Civic Center.
PROJECT ~~
05-5148
05-5156
PROJECT NAME
City Hall Reroofing
Bateman Hall Landscape
YEAR INCURRED
EXPENSES TOTAL
FY 1994/95 $65,000
FY 1995/96 60,000
A-1
EXHIBIT B
DATE: May 7, 1996
' ESTIMATED/ACTUAL
PROJECT IMPROVEMENT COSTS PREVIOUSLY ADVANCED
City Hall Reroofing Project:
Salaries & Benefits $ 4,544.98
Operating Supplies 386.30
Professional/Contract Services 60,068.72
TOTAL PROJECT COSTS $65,000.00
Bateman Hall Landscape:
Salaries & Benefits $10,000
Operating Supplies 23,000
Professional/Contract Services 24,000
Misc. Expenses 3,000
TOTAL PROJECT COSTS(estimated) $60,000
B