Home
Clerk
>
Redevelopment Agency
>
Resolutions
>
2011
>
R-948
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
8/8/2011 11:22:52 AM
Creation date
3/7/2011 9:39:28 AM
Metadata
Fields
Template:
General
Department
City Clerk
General - Type
Resolutions
General 2 - Date
3/1/2011
Number
R-948
Description
Reimbursement qualified expenditures bond proceeds La Sierra Arlianza RDA financed project
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
2
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Show annotations
View images
RESOLUTION NO. 948 <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 LA <br />SIERRAfARLANZA REDEVELOPMENT PROJECT AREA <br />FINANCED PROJECT. <br />WHEREAS, the Redevelopment Agency of the City of Riverside (the <br />"Agency ") desires and intends to develop and acquire the property located at 11134 <br />and 11144 Pierce Street in the La SierralArlanza Redevelopment Project Area (the <br />"Project "). <br />WHEREAS, the Agency intends to make capital expenditures from the La <br />Sierra/Arlanza Project Area Fund, in the maximum principal amount ( "MPA ") of One <br />Million Two Hundred Seventy Five Thousand Dollars ($1,275,000) 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 <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 />
The URL can be used to link to this page
Your browser does not support the video tag.