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Resolutions
General 2 - Date
1/6/2004
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R-20594
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6 <br /> <br /> 7 <br /> <br /> 8 <br /> <br /> 9 <br /> <br /> l0 <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. 20594 <br /> <br />REIMBURSEMENT RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />RIVERSIDE, CALIFORNIA, REGARDING REIMBURSEMENT OF QUALIFIED <br />EXPENDITURES FROM PROCEEDS OF ELECTRIC UTILITY REVENUE BONDS. <br /> <br /> WHEREAS, the City of Riverside ("City") Electric Utility ("Utility") long-range power <br />resource plan calls for additional base load and peaking resources through 2013 to meet growing <br />Utility customer demand and replace long-term power supply contracts that expire during that time <br />frame; and <br /> <br /> WHEREAS, one alternative receiving serious consideration by the Utility is the <br />construction of a peaking electricity generation facility ("Project") within the City of Riverside city <br />limits; and <br /> <br /> WHEREAS, the estimated cost of the Project is $75 million; and <br /> <br /> WHEREAS, the Utility expects to issue debt to finance the costs of the Project (the <br />"Debt"); and <br /> <br />WHEREAS, the Utility also expects to expend funds for acquisition of equipment and <br />early construction costs for the Project ("capital expenditures") prior to issuance of the Debt; and <br /> <br /> WHEREAS, the Utility reasonably expects to reimburse such capital expenditures with the <br />proceeds of the Debt; and <br /> <br /> WHEREAS, the Utility expects that the maximum principal amount of Debt which will be <br />issued to pay for the Project (and related issuance costs) will be $85,000,000; and <br /> <br /> WHEREAS, at the time of reimbursement, the Utility will evidence the reimbursement in a <br />writing that identifies the allocation of the proceeds of the Debt to the Utility for the purpose of <br />reimbursing the Utility for the capital expenditures made prior to the issuance of the Debt; and <br /> <br /> WHEREAS, the Utility expects to make the reimbursement allocation no later than six <br />months after the date on which the earliest original expenditure is paid; and <br /> <br /> WHEREAS, the Utility 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 /> <br />City Attorney's Office <br />3900 Main Street <br />Riverside, CA 92522 <br />(909) 826-5567 <br /> <br /> <br />
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