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Section 3. The reasonably expected maximum principal amount of the Project <br />Funds is $10.8 Million. <br />Section 4. 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 <br />costs to be reimbursed with Project Funds. <br />Section 5. Each Agency expenditure will be of a type properly chargeable to a <br />capital account under general federal income tax principles. <br />Section 6. To the best of our knowledge, this Agency is not aware of the previous <br />adoption of official intents by the Agency that have been made as a matter of course for <br />the purpose of reimbursing expenditures and for which tax - exempt obligations have not <br />been issued. <br />Section 7. This resolution is adopted as official intent of the Agency in order to <br />comply with Treasury Regulation §1.150 -2 and any other regulations of the Internal <br />Revenue Service relating to the qualification for reimbursement of Project costs. <br />Section 8. All the recitals in this Resolution are true and correct and this Agency <br />so finds, determines and represents <br />Section 9. BE IT FURTHER RESOLVED that the Executive Director of the Public <br />Works Agency, or his /her designee, is hereby authorized as Signature Authority to <br />execute all documents necessary to implement and secure payment; and <br />Section 10. BE IT FURTHER RESOLVED that this authorization is effective until <br />rescinded by this governing body. <br />Section 11. This Resolution shall take effect immediately upon its adoption by the <br />City Council, and the Clerk of the Council shall attest to and certify the vote adopting <br />this Resolution. <br />ADOPTED this 2nd day of August, 2016. <br />APPROVED AS TO FORM: <br />Sonia R. Carvallyo, City Attorney <br />M <br />Assistant City Attorney <br />Resolution No. 2016 -069 <br />Page 2 of 3 <br />