03/23/1992 Council Minutes - Laserfiche WebLink

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2 1 2 No sources other than proceeds of bonds to be issued by the City are, or are reasonably expected to be, reserved, allocated on a long -term basis, or otherwise set aside pursuant to the City's budget or financial policies to pay such Project expenditures. The City has not adopted any allocation, budget, or restriction of monies or adoption of a requirement or policy to reimburse a fund, the primary purpose of which is to prevent monies from being available to pay an expenditure the City intends to reimburse with proceeds of a borrowing. 5. This resolution is intended to constitute a declaration of official intent for purposes of Tres. Reg. 1.103 -18 and any successor law, regulation, or ruling. 6. The allocation of proceeds of the bonds to be issued to any Project expenditures described in Exhibit A will be made not later than the later of one year after the expenditure was paid or one year after the property was placed in service. 7. The Project expenditures described in Exhibit A are capital expenditures as defined in Tres. Reg. 1.150 -1(h), including costs of issuance of the bonds to be issued in order to reimburse the Project expenditures. 8. Proceeds of the bonds issued to reimburse the Project expenditures described in Exhibit A will be deemed spent only when (1) an allocation entry is made on the books or records of the City with respect to the bonds; (2) the entry identifies an actual expenditure to be reimbursed, or where the Project is described as a fund or account, the fund or account from which the expenditure was paid; and (3) the allocation is effective to relieve the bond proceeds from restrictions on unspent proceeds under applicable documents and state laws. 9. No entity or entities possess simultaneously two or more of the following discretionary and non - ministerial powers with respect to the City: power to (1) remove without a cause a controlling portion of the City Council; (2) select, approve, or disapprove a controlling portion of the City Council; (3) determine the City's budget or require the use of the City's funds or assets for the other entity's purpose; or (4) approve, disapprove, or prevent the issuance of debt obligations of the City. 10. None of the proceeds of the bonds issued to reimburse the City for the Project expenditures described in Exhibit A will be used within one year of the allocation (i) to refund another governmental obligation or (ii) to create or increase the balance in a sinking fund or replace funds used for such purpose, or (iii) to create or increase the balance in a reserve or replacement fund or replace funds used for such purposes; 2 1