Loading...
Resolution 1992-92 , . . ~ RESOLUTION NO. 92 - 92 RESOLUTION TO REIMBURSE EXPENDITURES RELATING TO THE NORTH FOREST STREET ASSESSMENT DISTRICT CITY OF GILROY The City Council of the City of Gilroy resolves: The city of Gilroy is considering initiation of proceedings for the financing and construction of public improvements in the proposed North Forest Street Assessment District pursuant to the Municipal Improvement Act of 1913, with bonds to be issued upon unpaid assessments pursuant to the Improvement Bond Act of 1915. The maximum reasonably expected principal amount of bonds to be issued for such purpose is $2,280,889.00 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. 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 will advance money to the project for expenses related to the acquisition and construction, including the expenses incidental thereto, of the public improvements. The city will 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 public improvements are placed in service. 4. This resolution shall be available for public inspection upon its adoption. * * * RESOLUTION NO. 92 - 92 , . . ... ~ I HEREBY CERTIFY THAT the foregoing resolution was duly and regularly adopted and passed by the city council of the city of Gilroy, California, at a regular meeting thereof held on the 21st day of December, 1992, by the following vote of the members thereof: AYES, and in favor, thereof, councilmembers: GILROY, HALE, KLOECKER, NELSON, VALDEZ and GAGE. NOES, Councilmembers: None ABSENT, Councilmembers: ROWLISON ~f.~ city of G' y AP7D~J,' Y . Ma or ~ RESOLUTION NO. 92 - 92 2