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R-776
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9/28/2005 7:04:23 PM
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9/28/2005 7:04:10 PM
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General - Type
Resolutions
General 2 - Date
9/13/2005
Number
R-776
Description
Reimbursement of qualified expenditures from bond proceeds on Hunter Park/Northside Project Area
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RESOLUTION NO. 776 <br /> <br /> REIMBURSEMENT RESOLUTION OF THE BOARD OF DIRECTORS <br /> OF THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE <br /> REGARDING REIMBURSEMENT OF QUALIFIED EXPENDITURES <br /> FROM BOND PROCEEDS ON HUNTER PARK/NORTHSIDE PROJECT <br /> AREA FINANCED PROJECTS <br /> <br />WHEREAS, the Redevelopment Agency of the City of Riverside (the "Agency") <br />desires and intends to develop the following projects in the Hunter Park/Northside <br />Project Area: improvements to Columbia Avenue on/off ramps; contribution to <br />Hunter Park Community Facilities District for infrastructure improvements; <br />project on Spruce Street and matching fimds for an Economic Development Grant <br />from U. S. Department of Commerce for improvements to Columbia and Iowa in <br />the Hunter Park/Northside Project Area (the "Project"). <br /> <br />WHEREAS, the Agency expects to issue debt to finance the costs of the Project <br />on a permanent basis (the "Debt"); and <br />WHEREAS, the Agency reasonably expects to reimburse such capital <br />expenditures with the proceeds of the Debt; and <br /> <br />WHEREAS, the Agency expects that the maximum principal amount of Debt <br />which will be issued to pay for the Project (and related issuance costs) will be <br />$1 $,000,000; and <br /> <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 <br />Debt to the Agency for the purpose of reimbursing the Agency for the capital <br />expenditures made prior to the issuance of thc Debt; and <br /> <br /> <br />
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