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HomeMy WebLinkAboutMINUTES - 08131991 - X.1 RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF CONTRA COSTA DECLARATION OF OFFICIAL INTENT OF COUNTY OF CONTRA COSTA TO REIMBURSE CERTAIN CAPITAL EXPENDITURES FROM PROCEEDS OF TAXABLE OR TAX-EXEMPT INDEBTEDNESS RESOLUTION NO. 91/ 574 WHEREAS the County of Contra Costa (the "Issuer") intends to construct facilities comprising a County hospital expected to be located in Martinez (the "Project"); WHEREAS the Issuer expects to pay certain capital expenditures in connection with the Project prior to the issuance of taxable or tax-exempt indebtedness to be used to finance such expenditures; WHEREAS the Issuer is authorized to incur or issue debt obligations to finance costs of the Project; WHEREAS the Issuer anticipates it will issue debt obligations for the purpose of financing costs of the Project on a long-term basis; and WHEREAS Section 1.103-17 of the proposed Treasury Regulations requires the Issuer to declare its reasonable official intent to reimburse prior expenditures for the Project with proceeds of a taxable or tax-exempt borrowing; NOW, THEREFORE, BE IT RESOLVED by the Board of Supervisors of the Issuer as follows: Section 1. The Board of Supervisors of the Issuer finds and determines that the foregoing recitals are true and correct. Section 2. This Resolution is adopted by the Board of Supervisors of the Issuer solely for purposes of establishing compliance with the requirements of Section 1.103-17 of the proposed Treasury Regulations that were published on April 25, 1991. This Resolution does not bind the Issuer to make any expenditure, incur any indebtedness, or proceed with the Project. Section 3. The Board of Supervisors expects the Issuer will pay certain capital expenditures in connection with the Project prior to the issuance of taxable or tax-exempt indebtedness for the Project. The reimbursement of such Project expenditures is consistent with the Issuer's established budgetary and financial circumstances. As of the date hereof, the Board of Supervisors of the Issuer reasonably expects that such Project expenditures shall be paid from the Issuer's General Fund or Hospital Enterprise Fund. No portion of the Issuer's General Fund or Hospital Enterprise Fund or any other fund of the Issuer or of any related person has been heretofore budgeted to be used to pay the costs of the Project (or any portion thereof). The Board of Supervisors of the Issuer does not expect that moneys in the Issuer's General Fund or Hospital Enterprise Fund temporarily used to pay such Project expenditures will be permanently available for the Project. Other than proceeds of taxable or tax-exempt indebtedness to be issued for the Project, there are no funds or sources of moneys that have been, or reasonably are expected to be, allocated, reserved, or otherwise made available on a long-germ basis pursuant to the Issuer's budget to pay costs of the Project. Section 4. Project expenditures that are to be reimbursed to the Issuer shall not have been paid from proceeds of any other tax-exempt indebtedness. RESOLUTION NO. 91/574 ' Res .. 91/574 Page 2 Section 5. The Board of Supervisors of the Issuer hereby declares the Issuer's official intent to use proceeds of taxable or tax-exempt indebtedness to reimburse itself for future Project expenditures. The Board of Supervisors of the Issuer reasonably expects that such indebtedness will be secured by the General Fund and Hospital Enterprise Fund. Section 6. This Resolution shall be continuously available for inspection by the general public during normal business hours at the offices of the Issuer, located at 651 Pine Street, Martinez, California 94553 commencing on the date 10 days after the date of adoption. Section 7. This Resolution shall take effect from and after its adoption. PASSED AND ADOPTED by the Board of Supervisors of the County of Contra Costa, State of California, this 13th day of August, 1991, by the following vote: AYES: Supervisors Fanden, Schroder, McPeak, Torlakson, Powers NOES: None ABSENT: None 1 hereby certify that this is a true and correct copy of an action taken and entered on the minutes of the Board of Superv'sors ED: on the da sown. ATTESTe PHIL BATCH OR,Clerk oft a Board of Supervisors and County Administrator 9y ,Deputy CC: County Administrator County Counsel Auditor-Controller Treasurer-Tax Collector Health Services RESOLUTION NO, 91/574