JAMIER\06100.10750\10300984.1
RESOLUTION NO. 2024-106
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CORONA, CALIFORNIA, STATING ITS INTENTION TO
COMPLY WITH ALL CONDITIONS OF THE CALIFORNIA
STATE WATER RESOURCE CONTROL BOARD’S
DRINKING WATER STATE REVOLVING FUND LOAN
PROGRAM REIMBURSEMENT RESOLUTION
REQUIREMENTS FOR THE PFAS REMOVAL PROJECT
WHEREAS, the City of Corona (the “City”) desires to finance the costs of installing a granular activated carbon (GAC) treatment system at two well site locations (Wells 7a and 8a) to remove PFAS and other volatile organic compounds to acceptable state-mandated levels from its groundwater supply and adding an additional ion exchange treatment vessel to the Ion Exchange Treatment Plant to improve the City’s water quality and reduce its reliance on imported water supplies (the “Project”); and
WHEREAS, the City intends to finance the construction and/or reconstruction of the Project or portions of the Project with moneys (“Project Funds”) provided by the State of California, acting by and through the State Water Resources Control Board (SWRCB); and WHEREAS, the SWRCB may fund the Project Funds with proceeds from the sale of obligations the interest upon which is excluded from gross income for federal income tax purposes (the “Obligations”); and
WHEREAS, the City has determined that those moneys to be advanced on and after the date hereof to pay the expenditures are available only for a temporary period, and it is necessary to reimburse the City for the expenditures from the proceeds of the Obligations.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CORONA, CALIFORNIA, AS FOLLOWS:
SECTION 1. The City hereby states its intention and reasonably expects to reimburse Expenditures paid prior to the issuance of the Obligations or the approval by the State Water Board of the Project Funds.
SECTION 2. The reasonably expected maximum principal amount of the Project Funds is $5,000,000.
SECTION 3. This resolution is being adopted no later than 60 days after the date on which the City will expend moneys for the construction portion of the Project costs to be reimbursed with Project Funds.
SECTION 4. Each City expenditure will be of a type properly chargeable to a capital account under general federal income tax principles.
JAMIER\06100.10750\10300984.1
SECTION 5: To the best of its knowledge, this City is not aware of the previous adoption of official intents by the City that have been made as a matter of course for the purpose of reimbursing expenditures and for which tax-exempt obligations have not been issued.
SECTION 6. This resolution is adopted as the official intent of the City to comply with Treasury Regulation §1.150-2 and any other regulations of the Internal Revenue Service relating to the qualification for reimbursement of Project costs.
SECTION 7: All the recitals in this Resolution are true and correct and this City so finds, determines and represents.
SECTION 8. The Mayor shall sign this Resolution, and the City Clerk shall attest thereto, and this Resolution shall become effective immediately upon its passage and adoption.
PASSED, APPROVED AND ADOPTED this 20th day of November, 2024. _________________________________
Mayor of the City of Corona, California
ATTEST:
___________________________________
City Clerk of the City of Corona, California
JAMIER\06100.10750\10300984.1
CERTIFICATION
I, Sylvia Edwards, City Clerk of the City of Corona, California, do hereby certify that foregoing Resolution was regularly introduced and adopted by the City Council of the City of Corona, California, at an adjourned meeting thereof held on the 20th day of November, 2024, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAINED:
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of Corona, California, this 20th day of November, 2024. ___________________________________
City Clerk of the City of Corona, California
[SEAL]