HomeMy WebLinkAboutReso RDA 17-2005
RESOLUTION NO. 17-2005
REDEVELOPMENT AGENCY, CITY OF SOUTH SAN FRANCISCO
STATE OF CALIFORNIA
A RESOLUTION DECLARING INTENTION TO REIMBURSE
REDEVELOPMENT CAPTAL EXPENDITURES FROM THE
PROCEEDS OF OBLIGATIONS TO BE ISSUED BY THE
REDEVELOPMENT AGENCY OF THE CITY OF SOUTH SAN
FRANCISCO
WHEREAS, the City of South San Francisco ("the City") has already appropriated
budgets for several capital projects, shown in Exhibit A and hereby incorporated as part of
this Resolution ("the Projects)"; and
WHEREAS, the construetion work on these Projects are not yet complete; and
WHEREAS, the City and the Redevelopment Agency ("the Agency") would find it
advantageous to preserve Redevelopment tax increment dollars, and therefore the Agency
intends to issue debt and to use a portion of the proceeds of such debt to pay for, or reimburse
expenditures made for the projeets prior to the issuance of debt; and
WHEREAS, United States Income Tax Regulations section 1.150-2 provides generally
that proceeds of tax-exempt debt are not deemed to be expended when such proceeds are used
for reimbursement of expenditures made prior to the date of issuance of such debt unless
certain procedures are followed, one of which is a requirement that (with certain exceptions)
prior to the payment of any such expenditure, the issuer declares an intention to reimburse
such expenditure; and
WHEREAS, it is in the public interest and for the public benefit that the Agency
declares its official intent to reimburse the expenditures referenced herein.
NOW, THEREFORE, the Redevelopment Agency of the City of South San Francisco
hereby resolves as follows:
1. The Agency intends to issue debt obligations (the "Obligations") for the purpose of
paying or reimbursing the City for payment of the costs of the Projects shown in Exhibit A.
2. The Agency hereby declares that it reasonably expects to payor that the City will pay
certain costs of the Projects prior to the date of issuance of the Obligations and to use a
portion of the proceeds of the Obligations for reimbursement of expenditures for the projects
that are paid before the date of issuance of the Obligations.
3. The maximum principal amount of Obligations to be issued for the Projects described
herein, and not expended as of August 10, 2005 is $9,250,000.
NOW, THEREFORE, BE IT FURTHER RESOLVED by the Redevelopment Agency
of the City of South San Francisco that the Redevelopment Agency Board hereby declares its
intent to reimburse Redevelopment capital expenditures from the issuance of debt
Obligations.
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I hereby certify that the foregoing Resolution was regularly introduced and adopted by
the Redevelopment Agency of the City of South San Francisco at a regular meeting held on
the 24th day of August, 2005 by the following vote:
AYES:
Boardmembers Richard A. Garbarino. Pedro Gonzalez and Karvl Matsumoto.
Vice Chair Joseph A. Femekes and Chair Raymond L. Green
NOES: None
ABSTAIN: None
ABSENT: None
ATTEST:
/Cf~"~ t/1.i1~~
., Clerk
Exhibit A: Description of the Projects
to RDA Resolution No. 17-2005
Description: Estimated Capital Expenditures
Not Expended as of 60 days Prior
to August 24,2005:
Health Center and IT Building Improvements $ 500,000
Oak Ave. Extension 2,507,000
Misc. Land Acquisition not for Resale 2,500,000
New Downtown Fire Station Improvements 3,700,000
Bay Trail Improvements 18,000
Sidewalk Rehabilitation 25,000
TOTAL $9,250,000