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I 1 RESOLUTION NO. 804 2 REIMBURSEMENT RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE 3 REGARDING REIMBURSEMENT OF QUALIFIED EXPENDITURES FROM 4 BOND PROCEEDS ON ARLINGTON PROJECT AREA FINANCED PROJECTS. 5 6 WHEREAS, the Redevelopment Agency of the City of Riverside (the "Agency") desires 7 and intends to develop the following projects in the Arlington Project Area (the "Project"): street 8 and landscaping improvements on California and Monroe Streets and replace the Monroe Street 9 Channel. 10 WHEREAS, the Agency expects to issue debt to finance the costs of the Project on a 11 permanent basis (the "Debt"); and 12 WHEREAS, the Agency reasonably expects to reimburse such capital expenditures with 13 the proceeds of the Debt; and I 14 WHEREAS, the Agency expects that the maximum principal amount of Debt which will 15 be issued to pay for the Project (and related issuance costs) will be $15,000,000; and 16 WHEREAS, at the time of reimbursement, the Agency will evidence the reimbursement 17 in a writing which identifies the allocation of the proceeds of the Debt to the Agency for the 18 purpose of reimbursing the Agency for the capital expenditures made prior to the issuance of the 19 Debt; and 20 WHEREAS, the Agency expects to make the reimbursement allocation no later than 21 eighteen (18) months after the later of (i) the date on which the earliest original expenditure is 22 paid, or (ii) the date the Project is placed in service (or abandoned), but in no event later than 23 three (3) years after the date on which the earliest original expenditure is paid; and 24 WHEREAS, the Agency will not, within one (1) year of the reimbursement allocation, 25 use the proceeds of the Debt received in the reimbursement allocation in a manner that will result 26 in the creation of replacement proceeds of the Debt or another issue (e.g., the Agency will not I 27 pledge or use the proceeds received for the payment of debt service on the Debt of another issue, 28 except that the proceeds of the Debt can be deposited in a bona fide debt service fund); and CITY ATTORNEY'S OFFICI:: 3900 MAIN STREET RrvERSIDE,CA 92522 1 (951) 826-5567