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RESOLUTION NO. 951 <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 ARLINGTON <br />REDEVELOPMENT PROJECT AREA FINANCED PROJECT. <br />WHEREAS, the Redevelopment Agency of the City of Riverside (the <br />"Agency ") desires and intends to pay the costs for the construction of park <br />improvements at Arlington Park located in the Arlington Redevelopment Project Area <br />(the "Project "); and <br />WHEREAS, the Agency intends to make capital expenditures from the <br />Arlington Redevelopment Project Area Fund, in the maximum principal amount <br />( "MPA ") of Two Million Six Hundred Thousand Dollars ($2,600,000) in anticipation <br />of issuance of 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 />WHEREAS, this Resolution is intended to be a "declaration of official intent" <br />in accordance with Section 1.150 -2 of the Treasury Regulations. <br />NOW, THEREFORE, BE IT RESOLVED, that, in accordance with Section <br />1.150 -2 of the Treasury Regulations, the Agency declares its intention to issue Debt <br />