Resolution 1992-92
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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.
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RESOLUTION NO. 92 - 92
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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
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RESOLUTION NO. 92 - 92
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