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HomeMy WebLinkAboutRDA RES 446RESOLUTION NO. 446 A RESOLUTION OF THE PALM DESERT REDEVELOPMENT AGENCY DECLARING ITS INTENT TO REIMBURSE EXPENDITURES FOR THE ACQUtSITION OF PROPERTY FROM THE PROCEEDS OFBONDS THE PALM DESERT REDEVELOPMENT AGENCY HEREBY FINDS, DETERMINES, RESOLVES AND ORDERS AS FOLLOWS: Section 1. On April 24, 2002, the Palm Desert Redevelopment Agency acquired two parcels (the "Parcels") in Palm Desert, Califomia consisting of Lot 5 and Lot 12 of the Palm Village Garden Tract, which will constitute a portion of the site for the construction of approximately 36 rental units to be known as the Palm Village Apartments. Section 2. The Agency used moneys on hand in the Agency's low and moderate income housing fund to pay for the acquisition of the Parcels. The Agency intends that such payment be reimbursed to the low and moderate income housing fund from the proceeds of bonds or other obligations to be issued by the Agency, by the Palm Desert Financing Authority, or by a related public entity. The Agency expects that all such expenditures will be reimbursed with proceeds of such bonds. — Section 3. Section 1.150-2 of the Treasury Regulations governs the aflocation of expenditures of a reimbursement bond. A reimbursement bond is that portion of an issue of bonds (or other obligations) aliocated 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 the bonds. Section 1.150-2 provides �ules to determine when an allocatior► of proceeds of bonds to reimburse an original expenditure will be treated as an expenditure of those proceeds. Section 4. In order for such an allocation of those proceeds to be treated as an expenditure, the issuer (or in certain cases, a conduit boRower) of the bonds 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 to reimburse the original expenditure with proceeds of bonds. Such official intent is declared in Section 2 hereof. Section 5. The maximum principal amount of bonds or other obligations expected to be issued to pay for the acquisition of the Parcels is $250,000. P6402\0001 \69357�.2 RESOLUTION NO. 446 � Section 6. 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 to reimburse the expenditures described in Section 2 hereof. PASSED, APPROVED and ADOPTED this 23rd day of May, 2002. AYES: BENSON, CRITES, SPZEGEL, KELLY NOES: NONE ABSENTS: FERGUSON ABSTAINS: rrorrE ., I �� .�/�. �� . � _ I P6402\0001 \693577.2 -2-