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R-953
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Department
City Clerk
General - Type
Resolutions
General 2 - Date
3/1/2011
Number
R-953
Description
RDA Reimbursement of qualified expenditures bond proceeds downtwon airport Hunter Park University
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RESOLUTION NO. 953 <br />REIMBURSEMENT RESOLUTION OF THE BOARD OF <br />DIRECTORS OF THE REDEVELOPMENT AGENCY OF THE CITY <br />OF RIVERSIDE REGARDING REIMBURSEMENT OF QUALIFIED <br />EXPENDITURES FROM BOND PROCEEDS ON A <br />MERGED /DOWNTOWN /AIRPORT INDUSTRIAL — HUNTER <br />PARK/NORTHSIDE AND UNIVERSITY CORRIDOR/ SYCAMORE <br />CANYON REDEVELOPMENT PROJECT AREAS FINANCED <br />PROJECT <br />WHEREAS, the Redevelopment Agency of the City of Riverside (the <br />"Agency ") desires and intends to pay the cost for the construction of Fire Station 1 <br />located in the Merged/Downtown/Airport Industrial — Hunter Park/Northside <br />Redevelopment Project Area (the "Project "); and <br />WHEREAS, the Agency intends to make capital expenditures from the <br />Merged/Downtown/Airport Industrial — Hunter Park/Northside Redevelopment <br />Project Area in the amount of Six Million Dollars ($6,000,000), and Six Million <br />Dollars ($6,000,000) from the University Corridor /Sycamore Canyon Redevelopment <br />Project Area (collectively Funds), for a total of Twelve Million Dollars ($12,000,000) <br />which is the maximum principal amount ( "MPA ") in anticipation of issuance of <br />bonds and receipt of bond funds; and <br />WHEREAS, the Agency expects to issue debt to finance the costs of the <br />Project on a permanent basis (the "Debt "); and <br />WHEREAS, the Agency reasonably expects to reimburse MPA with the <br />proceeds of the Debt; and <br />WHEREAS, at the time of reimbursement, the Agency will evidence the <br />reimbursement in a writing which identifies the allocation of the proceeds of the Debt <br />to the Agency for the purpose of reimbursing the Agency for the capital expenditures <br />made prior to the issuance of the Debt; and <br />WHEREAS, the Agency expects to make the reimbursement allocation no later <br />than two (2) years after the later of (i) the date on which the earliest original <br />expenditure is paid and in no event later than four (4) years after the date on which <br />the earliest original expenditure is paid; and <br />WHEREAS, the Agency will not, within one (1) year of the reimbursement <br />allocation, use the proceeds of the Debt received in the reimbursement allocation in a <br />manner that will result in the creation of replacement proceeds of the Debt or another <br />issue (e.g., the Agency will not pledge or use the proceeds received for the payment <br />of debt service on the Debt of another issue, except that the proceeds of the Debt can <br />be deposited in a bona fide debt service fund); and <br />
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