HomeMy WebLinkAboutRDA RES 379RESOLUTION NO. 379
A RESOLUTION OF THE PALM DESERT REDEVELOPMENT AGENCY
DECLARING OFFICIAL INTENT PURSUANT TO SECTION 1.150-2
OF THE TREASURY REGULATIONS WITH RESPECT TO A PROPOSED
PUBLIC RECREATIONAL FACILITY FINANCING
THE PALM DESERT REDEVELOPMENT AGENCY HEREBY FINDS,
DETERMINES, RESOLVES AND ORDERS AS FOLLOWS:
Section l. Section 1.150-2 of the Treasury Regulations
governs the allocation of expenditures of a reimbursement bond.
A reimbursement bond is that portion of an issue of obligations
allocated to reimburse an original expenditure (i.e., an
expenditure for a governmental purpose that is originally paid
from a source other than a reimbursement bond) that was paid
before the date of issue of such obligations. Section 1.150-2
provides rules to determine when an allocation of proceeds of
obligations to reimburse an original expenditure will be treated
as an expenditure of those proceeds.
Section 2. In order for such an allocation of proceeds
to be treated as an expenditure, the issuer (or in certain cases,
a conduit borrower) of the obligations must, in accordance with
Section 1.150-2, adopt an official intent for the original
expenditure. The official intent is a declaration of intention
by the issuer (or the conduit borrower) to reimburse the original
expenditure with proceeds of an obligation.
Section 3. The Palm Desert Redevelopment Agency has
financed the acquisition of land (approximately 120 acres) for
the construction of a publicly owned recreational facility. The
Agency hereby declares its intent to reimburse expenditures
relating to the foregoing acquisition and construction from the
proceeds of obligations to be issued by the Agency or a related
public entity, such as the City of Palm Desert or the Palm Desert
Financing Authority. The Agency expects that all such
expenditures will be reimbursed with proceeds of such
obligations.
Section 4. The maximum principal amount of obligations
expected to be issued for such public recreational facility,
including acquisition and construction costs, is $20,000,000.
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Resolution No . 379
Section 5. This official intent is not declared as a
matter of course and is not declared in an amount substantially
in excess of the amounts expected to be necessary for such
acquisition and construction.
PASSED, APPROVED AND ADOPTED this 23rd day of
September , 1999.
AYES: Benson, Crites, Ferguson, Kelly, Spiegel
NOES : None
ABSENT : None
ABSTAIN : None
ATTEST:
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