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Last modified
6/4/2007 11:11:20 AM
Creation date
4/3/2007 11:53:47 AM
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General - Type
Resolutions
General 2 - Date
3/27/2007
Number
R-829
Description
Reimbursement of Expenditures from Bond Proceeds in the La Sierra Arlanza Redevelopment Project Area
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<br /> 1 RESOLUTION NO. 829 <br /> 2 REIMBURSEMENT RESOLUTION OF THE BOARD OF DIRECTORS <br /> 3 OF THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE <br /> REGARDING REIMBURSEMENT OF QUALIFIED EXPENDITURES <br /> 4 FROM ANTICIPATED BOND PROCEEDS IN THE LA <br /> 5 SIERRA! ARLANZA REDEVELOPMENT PROJECT AREA (SIERRA <br /> VISTA A VENUE SIDEWALK IMPROVEMENTS). <br /> 6 WHEREAS, the Redevelopment Agency of the City of Riverside (the "Agency") desires <br /> 7 and intends to develop the following project: construction and installation of public <br /> 8 improvements consisting of sidewalks along the south side of Arlington A venue between <br /> 9 Rutland Street and VanBuren Boulevard in the La Sierra! Arlanza Redevelopment Project Area <br /> 10 (the "Project"); and <br /> 11 WHEREAS, the Agency intends to make capital expenditures from the La Sierra! Arlanza <br /> 12 Project Area Fund 479, in the maximum principal amount ("MPA") of One Million Dollars <br /> 13 ($1,075,000) in anticipation of issuance of bonds and receipt of bond funds; and <br /> 14 WHEREAS, the Agency expects to issue debt to finance the costs of the Project on a <br /> 15 permanent basis (the "Debt"); and <br /> 16 WHEREAS, the Agency reasonably expects to reimburse MPA with the proceeds of the <br /> 17 Debt; and <br /> 18 WHEREAS, at the time of reimbursement, the Agency will evidence the reimbursement <br /> 19 in a writing which identifies the allocation of the proceeds of the Debt to the Agency for the <br /> 20 purpose of reimbursing the Agency for the capital expenditures made prior to the issuance of the <br /> 21 Debt; and <br /> 22 WHEREAS, the Agency expects to make the reimbursement allocation no later than <br /> 23 eighteen (18) months after the later of (i) the date on which the earliest original expenditure is <br /> 24 paid, or (ii) the date the Project is placed in service (or abandoned), but in no event later than <br /> 25 three (3) years after the date on which the earliest original expenditure is paid; and <br /> 26 WHEREAS, the Agency will not, within one (1) year of the reimbursement allocation, use <br /> 27 the proceeds of the Debt received in the reimbursement allocation in a manner that will result in <br /> 28 <br /> 1 <br />
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