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1 <br /> <br /> 2 <br /> <br /> 3 <br /> <br /> 4 <br /> <br /> 5 <br /> <br /> 6 <br /> <br /> 7 <br /> <br /> 8 <br /> <br /> 9 <br /> <br />10 <br /> <br />11 <br /> <br />12 <br /> <br />13 <br /> <br />14 <br /> <br />15 <br /> <br />16 <br /> <br />17 <br /> <br />18 <br /> <br />19 <br /> <br />20 <br /> <br />21 <br /> <br />22 <br /> <br />23 <br /> <br />24 <br /> <br />25 <br /> <br />26 <br /> <br />27 <br /> <br /> RESOLUTION NO. 20071 <br /> <br /> REIMBURSEMENT RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br /> RIVERSIDE, CALIFORNIA, REGARDING REIMBURSEMENT OF QUALIFmD <br /> EXPENDITURES FROM PROCEEDS OF CERTIFICATES OF PARTICIPATION <br /> ("cops"). <br /> <br /> WHEREAS, the City of Riverside desires and intends to provide interim financing to the <br />Redevelopment Agency of the City of Riverside (the "Agency") to develop a parking structure at <br />the University Village Center in the University Corridor/Sycamore Canyon merged Project Area <br />(the "Project"); and <br /> <br /> WHEREAS, the City expects to issue debt to finance the costs of the Project on a permanent <br />basis (the "Debt"); and <br /> <br /> WHEREAS, the City reasonably expects to reimburse such capital expenditures with the <br />proceeds of the Debt; and <br /> <br /> WHEREAS, the City expects that the maximum principal amount of Debt which will be issued <br />to pay for the Project (and related issuance costs) will be $7,900,000; and <br /> <br /> WHEREAS, at the time of reimbursement, the City will evidence the reimbursement in a <br />writing which identifies the allocation of the proceeds of the Debt to the City for the purpose of <br />reimbursing the City for the capital expenditures made prior to the issuance of the Debt; and <br /> <br /> WHEREAS, the City expects to make the reimbursement allocation no later than six months <br />after the date on which the earliest original expenditure is paid; and <br /> <br /> WHEREAS, the City will not, within one year of the reimbursement allocation, use the <br />proceeds of the Debt received in the reimbursement allocation in a manner that will result in the <br />creation of replacement proceeds of the Debt or another issue (e.g., the City will not pledge or use <br />the proceeds received for the payment of debt service on the Debt of another issue, except that the <br />proceeds of the Debt can be deposited in a bona fide debt service fund); and <br /> <br /> WHEREAS, this Resolution is intended to be a "declaration of official intent" in accordance <br />with Section 1.150-2 of the Treasury Regulations. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Riverside as <br /> <br />City Attorney's Office <br />3900 Main Street <br />Riverside, CA 92522 <br />(909) 826-5567 <br /> <br /> <br />