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<br />I 1 RESOLUTION NO. 803 <br /> 2 REIMBURSEMENT RESOLUTION OF THE BOARD OF DIRECTORS OF <br /> THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE <br /> 3 REGARDING REIMBURSEMENT OF QUALIFIED EXPENDITURES FROM <br /> 4 BOND PROCEEDS ON LA SIERRNARLANZA PROJECT AREA <br /> FINANCED PROJECTS. <br /> 5 WHEREAS, the Redevelopment Agency of the City of Riverside (the "Agency") desires <br /> 6 and intends to develop the following projects in the La SierraJArlanza Project Area (the <br /> 7 "Project"): Bryant Park; Arlanza Library; various sidewalk improvements; and other <br /> 8 infrastructure improvements. <br /> 9 WHEREAS, the Agency expects to issue debt to finance the costs of the Project on a <br /> 10 permanent basis (the "Debt"); and <br /> 11 WHEREAS, the Agency reasonably expects to reimburse such capital expenditures with <br /> 12 <br /> the proceeds of the Debt; and <br /> 13 WHEREAS, the Agency expects that the maximum principal amount of Debt which will <br />I 14 be issued to pay for the Project (and related issuance costs) will be $45,000,000; and <br /> 15 <br /> WHEREAS, at the time of reimbursement, the Agency will evidence the reimbursement <br /> 16 in a writing which identifies the allocation of the proceeds of the Debt to the Agency for the <br /> 17 purpose of reimbursing the Agency for the capital expenditures made prior to the issuance of the <br /> 18 <br /> Debt; and <br /> 19 WHEREAS, the Agency expects to make the reimbursement allocation no later than <br /> 20 eighteen (18) months after the later of (i) the date on which the earliest original expenditure is <br /> 21 <br /> paid, or (ii) the date the Project is placed in service (or abandoned), but in no event later than <br /> 22 three (3) years after the date on which the earliest original expenditure is paid; and <br /> 23 WHEREAS, the Agency will not, within one (1) year of the reimbursement allocation, use <br /> 24 <br /> the proceeds of the Debt received in the reimbursement allocation in a manner that will result in <br /> 25 the creation of replacement proceeds of the Debt or another issue (e.g., the Agency will not <br /> 26 <br />I pledge or use the proceeds received for the payment of debt service on the Debt of another issue, <br /> 27 <br /> except that the proceeds of the Debt can be deposited in a bona fide debt service fund); and <br /> 28 <br />CITY ArroRNEYsOrncE <br /> 3900 MAIN STREET <br />RIVERSIDE, CA 92522 1 <br /> (951) 826-5567 <br />