CCP 04-14-1997 - Laserfiche WebLink

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I' I. Resolution No. 97 - 19 April 14, 1997 Page Three I shall identity the particular fund or account of the City from which the I expenditure to be reimbursed is paid, including a description of the general functional purpose of that fund or account (for example, "park and recreation funq - recreational facility capital improvement program"). I E. Each Declaration shall also contain a statement of the maximum principal amount of debt expected to be issued for the subject project. I F. Care shall be taken so that the City, or its authorized representatives under this Resolution, not make declarations in cases where the City does not I reasonably expect that it will ultimately issue reimbursement bonds to provide long-term financing for the subject project costs, and the City officials are hereby authorized to consult with Bond Counsel to the City I concerning the requirements of the Regulations in general and their application in particular circumstances. It is the Council's intention that Declarations not be made (i) when available funds of the City have been or I are reasonably expected to be dedicated or otherwise reserved to fund on a long-term basis the particular expenditures involved, or (ii) when it is not .. reasonably expected that reimbursement bonding will occur. G. The Council shall be advised from time to time on the desirability and I timing of the issuance of reimbursement bonds relating to project expenditures for which the City has made Official Intent Declarations, including recommendations on the timing of the issuance of such bonds so I that the "reimbursement allocation" described in the Regulations and in Paragraph 3 below can be made within the one (I) year time limits prescribed in the Regulations. I H. This Resolution shall supplement and amend all prior determinations and policies adopted by the City in regard to complying with the Regulations, I as initially proposed, and in the event of any inconsistency between the terms provided in this Resolution and said prior determinations or policies, the provisions of this Resolution shall govern. I 3. Reimbursement Allocations. I The designated City officials shall also be responsible for making the "reimbursement allocations" described in the Regulations, being generally the transfer of the appropriate amount of reimbursement bond proceeds to reimburse I the source of temporary financing used by the City to make payment of the prior expenditure. Each allocation shall be evidenced by an entry on the official books .. or records of the City maintained for such reimbursement bonds; shall specifically identify the actual prior expenditure being reimbursed or, in the case of the I