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RESOLUTION NO. 759 REIMBURSEMENT RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE REGARDING REIMBURSEMENT OF QUALIFIED EXPENDITURES FROM BOND PROCEEDS ON MAGNOLIA CENTER PROJECT AREA FINANCED PROJECTS WHEREAS, the Redevelopment Agency of the City of Riverside (the "Agency") desires and intends to develop the following projects in the Magnolia Center Project Area: land assembly, relocation, acquisition and demolition on Merrill Avenue; proposed mixed use village project on Sunnyside Drive/Beatty Street; and fa(;ade and property consolidation efforts in the commercial district of the Magnolia Center project area (the ~Preject"). WHEREAS, the Agency expects to issue debt to finance the costs of the Project on a permanent basis (the "Debt"); and WHEREAS, the Agency reasonably expects to reimburse such capital expenditures with the proceeds of the Debt; and WHEREAS, the Agency expects that the maximum principal amount of Debt which will be issued to pay for the Project (and related issuance costs) will be $8,000,000; and WHEREAS, at the time of reimbursement, the Agency will evidence the reimbursement in a writing which identifies the allocation of the proceeds of the Debt to the Agency for the purpose of reimbursing the Agency for the capital expenditures made prior to the issuance of the Debt; and WHEREAS, the Agency expects to make the reimbursement allocation no later than eighteen (18) months after the later of (i) the date on which the earliest original expenditure is paid, or (ii) the date the Project is placed in service (or abandoned), but in no event later than three (31) years after the date on which the earliest original expenditure is paid; and WHEREAS, the Agency will not, within one (1) year of the reimbursement allocation, use the proceeds of the Debt received in the reimbursement allocation in a manner that will result in the creation of replacement proceeds of the Debt or another issue (e.g., the Agency will not pledge or use the proceeds received for the payment of debt service on the Debt of another issue, except that the proceeds of the Debt can be deposited in a bona fide debt service fund); and WHEREAS, this Resolution is intended to be a "declaration of official intent" in accordance with Section 1.150-2 of the Treasury Regulations. NOW, THEREFORE, BE IT RESOLVED, that, in accordance with Section 1.150- 2 of the Treasury Regulations, the Agency declares its intention to issue Debt in a maximum principal amount of $8,000,000, the proceeds of which will be used to pay the costs of the Project (and related issuance costs), including the reimbursement to the Agency for certain capital expenditures relating to the Project made prior to the issuance of the Debt.