RCPDFA-3RESOLUTION NO. RCPDFA 3
A RESOLUTION OF THE RIVERSIDE COUNTY
PALM DESERT FINANCING AUTHORITY, DECLARING
ITS INTENT TO ISSUE BONDS TO FINANCE AN ANIMAL
SHELTER AND MEDICAL CLINIC, TO REFINANCE THE
BLYTHE COUNTY ADMINISTRATIVE CENTER, AND TO
REIMBURSE CERTAIN EXPENDITURES FROM
PROCEEDS OF THE BONDS
RECITALS:
A. The Riverside County Palm Desert Financing Authority (the "Authority")
intends to issue bonds or other obligations (the "Bonds") to finance land acquisition and
construction costs in connection with an animal shelter and a medical clinic (the
"Facilities"), and to refinance the Blythe County Administrative Center.
B. The Authority, the County of Riverside (the "County") and the Riverside
County Redevelopment Agency expect to expend moneys (other than moneys derived
from the issuance of bonds or other obligations) on expenditures relating to the costs of
the Facilities, including expenditures by the Agency for the acquisition of land for the
medical clinic, prior to the issuance of the Bonds. All expenditures will be properly
chargeable to a capital account under general federal income tax principles. The
Authority reasonably expects to reimburse certain of such capital expenditures with the
proceeds of the Bonds, including the expenditures of the County and the Agency.
C. The Authority expects that the maximum principal amount of Bonds which
will be issued to pay for the costs of the Facilities (and related issuance costs) and for
the refinancing will not exceed $25,000,000.
D. At the time of the reimbursement, the Authority will evidence the
reimbursement in a writing, which identifies the allocation of the proceeds of the Bonds
for the purpose of reimbursing the Authority (or the County or the Agency) for the capital
expenditures made prior to the issuance of the Bonds.
E. The Authority expects to make the reimbursement allocation no later than
18 months after the later of (i) the date on which the earliest original expenditure for the
Facilities is paid or (ii) the date on which the Facilities are placed in service (or
abandoned), but in no event later than three years after the date on which the earliest
original expenditure for the Facilities are paid.
F. The Authority will not, within one year of the reimbursement allocation, use
the proceeds of the Bonds received in the reimbursement allocation in a manner that
will result in the creation of replacement proceeds of the Bonds or another issue
(e.g. the Authority will not pledge or use the proceeds received for the payment of debt
service on the Bonds or another issue, except that the proceeds of the Bonds can be
deposited in a bona fide debt service fund).
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RESOLUTION NO. RCPDFA 3
G. This Resolution is intended to be a "declaration of official intent" in
accordance with Section 1.150-2 of the Treasury Regulations.
NOW, THEREFORE, THE RIVERSIDE COUNTY PALM DESERT FINANCING
AUTHORITY HEREBY FINDS, DETERMINES, RESOLVES, AND ORDERS AS
FOLLOWS:
Section 1. In accordance with Section 1.150-2 of the Treasury Regulations,
the Authority hereby declares its intention to issue Bonds in a principal amount not to
exceed $25,000,000, the proceeds of which will be used (i) to pay for the costs of the
Facilities (and related issuance costs), including the reimbursement to the Agency for
the acquisition of land for the medical clinic and for certain other capital expenditures
relating to the Facilities made prior to the issuance of the Bonds by the Authority, the
County and the Agency, and (ii) to refinance the Blythe County Administrative Center.
Section 2. This Resolution shall take effect immediately upon its passage.
PASSED, APPROVED, AND ADOPTED this 14th day of July, 2003, by the
following vote, to wit:
AYES: ORTEGA, PARRISH, WILSON, and BENSON
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE Th
Pre,sident
ATTEST:
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