HomeMy Public PortalAbout96-058 (05-07-96)RESOLUTION 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 WITH 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 benefit 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
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:
Secretary
APPROVED AS TO FORM:
APPROVED AS TO CONTENT:
f
W& a 1QAt4&
City Attorney Faust' Gonz le City ager
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES )
AR Tet a F. Earnest, Director of Finance
I, the undersigned, City Clerk of the City of Lynwood, do herebv
certify that the foregoing resolution was passed and adopted by the City Council
of the City of Lynwood at a regular neeting held on the 7th day of May, 1996.
AYES: COUNCILMEMBER BYRD, HEINE, HEMING, REA, RICHARDS
NOES: NONE
ABSENT: NONE a�t
�C --lam, i
Cit' Clerk, Cite of Lmwo d
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES )
I, the undersigned City Clerk of the City of Lynwood, and Clerk of
the City Council of said City, do hereby certify that the above and foregoing
is a full, true and correct cope of Resolution No. 96 -58 on file in m, office
and that said resolution «gas adopted on the date and by the vote therein stated.
Dated this 7th d,, of May, 1996.
Citu Clerk
EXHIBIT A
DESCRIPTION OF PROJECT
FEW
The
Project consists of certain improvements and
betterments to the Civic
Center.
PROJECT
# PROJECT NAME
YEAR INCURRED
05 -5148
City Hall Reroofing
EXPENSES
FY 1994/95
TOTAL
$65,000
05 -5156
Bateman Hall Landscape
FY 1995/96
60,000
FEW
EXHIBIT B
1 7 1,
DATE: May 7, 1996
ESTIMATED /ACTUAL
PROJECT IMPROVEMENT COSTS PREVIOUSLY ADVANCED .
City Hall Reroofing Project:
Salaries & Benefits
Operating Supplies
Professional /Contract Services
TOTAL PROJECT COSTS
Bateman Hall Landscape:
Salaries & Benefits
Operating Supplies
Professional /Contract Services
Misc. Expenses
TOTAL PROJECT COSTS(estimated)
mm
$ 4,544.98
386.30
60,068.72
$65,000.00
$10,000
23,000
24,000
3,000
$60,000