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jmf 8/14/18 <br />RESOLUTION NO. 2018-073 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA AUTHORIZING THE REIMBURSEMENT OF <br />FUNDING FOR THE WATER DISTRIBUTION SYSTEM <br />IMPROVEMENTS PROJECT FROM THE STATE WATER <br />RESOURCES CONTROL BOARD <br />WHEREAS, the City of Santa Ana ("Agency") desires to finance the costs of <br />constructing and/or reconstructing certain public facilities and improvements relating to <br />its water and wastewater system, including specifically the Water Distribution System <br />Improvements Project ('Project'); and <br />WHEREAS, the Agency intends to finance the construction and/or reconstruction <br />of the Project or portions of the Project with moneys ('Project Funds") provided by the <br />State of California, acting by and through the State Water Resources Control Board <br />("State Water Board"); and <br />WHEREAS, the State Water Board may fund the Project Funds with proceeds from <br />the sale of obligations the interest upon which is excluded from gross income for federal <br />income tax purposes ("Obligations"); and <br />WHEREAS, prior to the issuance of the Obligations or the approval by the State <br />Water Board of the Project Funds, the Agency desires to incur certain capital <br />expenditures ("Expenditures") with respect to the Project from available moneys of the <br />Agency; and <br />WHEREAS, the Agency has determined that those moneys to be advanced on <br />and after the date hereof to pay the Expenditures are available only for a temporary <br />period, and it is necessary to reimburse the Agency for the Expenditures from the <br />proceeds of the Obligations. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Santa <br />Ana as follows: <br />Section 1. The Agency hereby states its intention and reasonably expects to <br />reimburse Expenditures paid prior to the issuance of the Obligations or the approval by <br />the State Water Board of the Project Funds. <br />Section 2. The reasonably expected maximum principal amount of the Project <br />Funds is $14,600,000. <br />Section 3. This Resolution is being adopted no later than 60 days after the date <br />on which the Agency will expend moneys for the construction portion of the Project costs <br />to be reimbursed with Project Funds. <br />Resolution No. 2018-073 <br />Page 1 of 3 <br />