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Last modified
6/4/2007 11:11:19 AM
Creation date
3/28/2007 11:13:05 AM
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General
General - Type
Resolutions
General 2 - Date
3/20/2007
Number
R-822
Description
Reimbursement of Qualified Expenditures from Bond Proceeds on La Sierra Arlanza Project Area
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<br /> 1 RESOLUTION NO. 822 <br /> 2 <br /> 3 REIMBURSEMENT RESOLUTION OF THE BOARD OF DIRECTORS <br /> OF THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE <br /> 4 REGARDING REIMBURSEMENT OF QUALIFIED EXPENDITURES <br /> FROM BOND PROCEEDS ON LA SIERRA! ARLANZA PROJECT AREA <br /> 5 FINANCED PROJECTS (RESURFACING OF PIKE STREET, ET. AL.). <br /> 6 <br /> 7 WHEREAS, the Redevelopment Agency of the City of Riverside (the "Agency") desires <br /> 8 and intends to develop the following projects in the La Sierra! Arlanza Project Area: construction <br /> 9 and installation of public improvements consisting of street resurfacing in the La Sierra! Arlanza <br /> 10 Project Area (the "Project"); and <br /> 11 <br /> WHEREAS; the Agency intends to make capital expenditures from the La Sierra Arlanza <br /> 12 <br /> 13 Project Area Fund 479, in the maximum principal amount ("MPA") of One Million Dollars <br /> 14 ($1,000,000) in anticipation of issuance of bonds and receipt of bond funds; and <br /> 15 WHEREAS, the Agency expects to issue debt to finance the costs of the Project on a <br /> 16 permanent basis (the "Debt"); and <br /> 17 <br /> WHEREAS, the Agency reasonably expects to reimburse MP A with the proceeds of the <br /> 18 <br /> 19 Debt; and <br /> 20 WHEREAS, at the time of reimbursement, the Agency will evidence the reimbursement <br /> 21 in a writing which identifies the allocation of the proceeds of the Debt to the Agency for the <br /> 22 purpose of reimbursing the Agency for the capital expenditures made prior to the issuance of the <br /> 23 <br /> Debt; and <br /> 24 <br /> 25 WHEREAS, the Agency expects to make the reimbursement allocation no later than <br /> 26 eighteen (18) months after the later of (i) the date on which the earliest original expenditure paid, <br /> 27 <br /> 28 <br /> 1 <br />
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