Laserfiche WebLink
jmf 3/8/19 <br />RESOLUTION NO. 2019 -XXX <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA AUTHORIZING THE REIMBURSEMENT OF <br />FUNDING FOR THE SEPTIC TO SEWER ISLAND <br />IMPROVEMENT PROJECT FROM THE STATE WATER <br />RESOURCES CONTROL BOARD <br />WHEREAS, the City of Santa Ana ("City") desires to finance the costs of <br />constructing and/or reconstructing certain public facilities and improvements relating <br />to its water and wastewater system, specifically the Septic to Sewer Island <br />Improvement Project (`Project'); and <br />WHEREAS, the City 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 <br />from the sale of obligations the interest upon which is excluded from gross income for <br />federal income tax purposes ("Obligations"); and <br />WHEREAS, priorto the issuance of the Obligations or the approval by the State <br />Water Board of the Project Funds, the City desires to incur certain capital expenditures <br />("Expenditures") with respect to the Project from available moneys of the City; and <br />WHEREAS, the City has determined that those moneys to be advanced on and <br />after the date hereof to pay the Expenditures are available only for a temporary period, <br />and it is necessary to reimburse the City for the Expenditures from the proceeds of <br />the Obligations. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of <br />Santa Ana as follows: <br />Section 1. The City hereby states its intention and reasonably expects to <br />reimburse Expenditures paid prior to the issuance of the Obligations or the approval <br />by the State Water Board of the Project Funds. <br />Section 2. The reasonably expected maximum principal amount of the <br />Project Funds is $1,529,220. <br />Section 3. This Resolution is being adopted no later than 60 days after the <br />date on which the City will expend moneys for the construction portion of the Project <br />costs to be reimbursed with Project Funds. <br />EXHIBIT 3 Resolution No. 2019 -XXX <br />Page 1 of 3 <br />55C-7 <br />