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HomeMy WebLinkAboutRESOLUTIONS - 08061991 - 91-548 1-107 IN THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, STATE OF CALIFORNIA In the Matter of ) RESOLUTION NO. 91 /548 Reimbursement from tax-exempt ) financings of payments of costs ) of Integrated Resource Recovery ) Facilities. ) The Board of Supervisors of Contra Costa County RESOLVES THAT: 1. The Board of Supervisors (the "Board") of the County of Contra Costa (the "County") proposes to finance or facilitate the financing of certain capital improvements, which include, but are not limited to, certain capital improvements to be located in areas of Western and Central Contra Costa County shown in Exhibit A and Exhibit B, respectively, attached hereto and incorporated herein consisting of integrated resource recovery facilities, which will include facilities for the recycling and processing of solid waste and facilities for loading non-recoverable materials onto trucks for transport to a landfill (the "Projects"). 2. The County intends that each Project be financed in whole or in part through the issuance of tax-exempt indebtedness of the County or a separate entity (the "Financing Agency") to be formed by the County and one or more other public agencies. 3. The County, or the operator of each facility as described in Paragraph 4 (the "Operator") on behalf of the County or the Financing Agency, may advance moneys from time to time to pay costs of the Projects in anticipation of being reimbursed for such advance payments from the tax-exempt indebtedness when issued. 4. The operators of the Projects described in Exhibit A and Exhibit B are currently expected to be Richmond Sanitary Services and Acme Fill, respectively or other private parties. 5.. It is the present intent of the County that there be issued by the County or the Financing Agency at one time or from time to time, tax-exempt indebtedness, in the amount of approximately $40 million for each Project to finance each project, including reimbursement of costs, paid prior to the issuance of such indebtedness. 6. On January 9, 1991, the Board adopted Resolution No. 91-16 regarding the reimbursement from tax-exempt financings of payments of costs of the Projects. On April 11, 1991, the United States Treasury Department and the Internal Revenue Service published proposed regulations Sections 1.103-17 and 1.103-18 (the "Proposed Regulations") relating to the circumstances under which tax-exempt bond proceeds used to reimburse expenditures paid prior to issuance of the bonds will be treated as "spent" for purposes of arbitrage yield limitations, rebate requirements and certain other restrictions imposed by the Internal Revenue Code of 1986. It is the purpose of this resolution to ratify, confirm, incorporate and continue Resolution No. 91-16 and update it to comply with the requirements of the Proposed Regulations. It is also the purpose and intent of the County that Resolution No. 91-16 and this resolution constitute official action evidencing of its intent (or, as applicable, the intent of the Financing Agency) to finance each Project with tax-exempt indebtedness pursuant to the Internal Revenue Code of 1986 and the regulations issued thereunder, including Treasury Regulation 1.103-8(a)(5). 7. The County or the Operator will pay certain capital expenditures in connection with each Project prior to the issuance of indebtedness for that Project. The reimbursement of such Project expenditures is consistent with the County's established budgetary and financial circumstances. As of the date hereof, the County reasonably expects that such Project expenditures have been or shall be paid from RESOLUTION NO. 91/548 the County's general fund revenues and solid waste facility revenues. No portion of these or any other funds of the County or of any related person has been heretofore budgeted to be used to pay the costs of either Project (or any portion thereof). The County does not expect that such moneys temporarily used to pay Project expenditures will be permanently available for either Project. Other than proceeds of taxable or tax-exempt indebtedness to be issued for either 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-term basis pursuant to the County's budget to pay costs of either Project. Project expenditures that are to be reimbursed to the County shall not have been paid from proceeds of any other tax- exempt indebtedness. The County reasonably expects that indebtedness to be issued for each Project will be secured by and payable from the general fund and/or wastestream revenues from the facility. 8. All costs for such project paid in advance by the County or the Operator or otherwise shall be eligible for reimbursement at the time of issuance of any permanent, tax-exempt financing for such Project. 9. This Resolution shall be continuously available for inspection by the general public during normal business hours at the offices of the Clerk of the Board of Supervisors of the County, located at 651 Pine Street, Martinez, California, commencing on the day following the date of adoption of this Resolution. 10. This Resolution shall take effect immediately upon its passage. PASSED by unanimous vote of the Board Members present on this day of 1991. I hereby certify that the foregoing is a true and correct copy of an order entered on the minutes of the Board of Supervisors. of the date aforesaid. Witness my hand and Seal of the Board of Supervisors affixed on this (nt day of 1991. Phil Batchelor, Clerk of the Board of Supervisors and County, Administrator By: �Ihuz&o Deputy Clerk cc: Community Development Dept. County Administrator County Counsel h20:irrf.res RESOLUTION NO. 91/548