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Last modified
8/4/2009 6:13:09 PM
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7/29/2009 8:29:40 AM
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General - Type
Resolutions
General 2 - Date
7/14/2009
Number
895
Description
Reimbursement of qualified expenditures from bond proceeds on merged dwntwn airport financed project
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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />RESOLUTION NO. 895 <br />REIMBURSEMENT RESOLUTION OF THE BOARD OF THE REDEVELOPMENT <br />AGENCY OF THE CITY OF RIVERSIDE REGARDING REIMBURSEMENT OF <br />QUALIFIED EXPENDITURES FROM BOND PROCEEDS ON MERGED <br />DOWNTOWN/AIRPORT INDUSTRIAL REDEVELOPMENT PROJECT AREA <br />FINANCED PROJECTS <br />WHEREAS, the Redevelopment Agency of the City of Riverside (the "Agency") desires <br />and intends to develop the following projects: acquisition of the retail building at 3615 Main <br />Street in the Merged Downtown/Airport Industrial Project Area (the "Project"). <br />WHEREAS, the Agency intends to make capital expenditures from the Merged <br />Downtown/Airport Industrial Project Area Fund 479, in the maximum principal amount <br />("MPA") of Four Million Five Hundred Thousand Dollars ($4,500,000) in anticipation of <br />issuance of bonds and receipt of bond funds; and <br />WHEREAS, the Agency expects to issue debt to finance the costs of the Project on a <br />permanent basis (the "Debt"); and <br />WHEREAS, the Agency reasonably expects to reimburse MPA with the proceeds of the <br />Debt; and <br />WHEREAS, at the time of reimbursement, the Agency will evidence the reimbursement <br />in a writing which identifies the allocation of the proceeds of the Debt to the Agency for the <br />purpose of reimbursing the Agency for the capital expenditures made prior to the issuance of the <br />Debt; and <br />WHEREAS, the Agency expects to make the reimbursement allocation no later than two <br />(2) years after the later of (i) the date on which the earliest original expenditure is paid and in no <br />event later than four (4) years after the date on which the earliest original expenditure is paid; <br />and <br />WHEREAS, the Agency will not, within one (1) year of the reimbursement allocation, use <br />the proceeds of the Debt received in the reimbursement allocation in a manner that will result in <br />the creation of replacement proceeds of the Debt or another issue (e.g., the Agency will not <br />CITY ATTORNEYS OFFICE II <br />3900 MAIN STREET <br />RIVERSIDE, CA 92522 1 <br />(951) 826-5567 <br />
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