R-945 - Laserfiche WebLink

Home

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 RESOLUTION NO. 945 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE, CALIFORNIA, REGARDING REIMBURSEMENT OF QUALIFIED EXPENDITURES FROM BOND PROCEEDS ON MERGED DOWNTOWN /AIRPORT INDUSTRIAL - HUNTER PARK/NORTHSIDE REDEVELOPMENT PROJECT AREA FINANCED PROJECTS. WHEREAS, the Redevelopment Agency of the City of Riverside (the "Agency ") desires and intends to develop the following project: acquisition of the residential complex located at 3836 -3844 Second Street in the Merged Downtown/Airport Industrial - Hunter Park/Northside Redevelopment Project Area (the "Project ") WHEREAS, the Agency intends to make capital expenditures from the Merged Downtown /Airport Industrial - Hunter Park/Northside Redevelopment Project Area Fund 478, in the maximum principal amount ( "MPA ") of Six Hundred Eighty Thousand Dollars ($680,000) in anticipation of issuance of bonds and receipt of bond funds; and WHEREAS, the Agency expects to issue debt to finance the costs of the Project on a permanent basis (the "Debt "); and WHEREAS, the Agency reasonably expects to reimburse MPA with the proceeds of the Debt; and WHEREAS, at the time of reimbursement, the Agency will evidence the reimbursement in a writing which identifies the allocation of the proceeds of the Debt to the Agency for the purpose of reimbursing the Agency for the capital expenditures made prior to the issuance of the Debt; and WHEREAS, the Agency expects to make the reimbursement allocation no later than two (2) years after the later of (i) the date on which the earliest original expenditure is paid and in no event later than four (4) years after the date on which the earliest original expenditure is paid, and WHEREAS, the Agency will not, within one (1) year of the reimbursement allocation, use the proceeds of the Debt received in the reimbursement allocation in a manner that will result in the creation of replacement proceeds of the Debt or another issue (e.g., the Agency will not pledge or use the proceeds received for the payment of debt service on the Debt of another issue, except that the proceeds of the Debt can be deposited in a bona fide debt service fund); and WHEREAS, this Resolution is intended to be a "declaration of official intent" in accordance with Section 1.150 -2 of the Treasury Regulations.