RESOLUTION NO. 2025-085
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CORONA, CALIFORNIA, STATING ITS INTENTION TO
COMPLY WITH ALL CONDITIONS OF THE 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 “Agency”) desires to finance the costs of constructing and/or reconstructing certain public facilities and improvements relating to its water system, including certain treatment facilities, pipelines and other infrastructure (the “Project”); and WHEREAS, the Agency 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 (State Water Board); and
WHEREAS, the State Water Board 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, prior to either issuance of the Obligations or approval by the State Water Board of the Project Funds the Agency desires to incur certain capital expenditures (the “Expenditures”) with respect to the Project from available moneys of the Agency; and WHEREAS, the Agency has determined that those monies 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 Agency for the Expenditures from the proceeds of the Obligations.
NOW THEREFORE, THE AGENCY DOES HEREBY RESOLVE, ORDER AND DETERMINE AS FOLLOWS:
SECTION 1. The Agency 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 $11,891,000.
SECTION 3. This resolution is being adopted no later than 60 days after the date on which the Agency will expend monies for the construction portion of the Project costs to be reimbursed with Project Funds.
SECTION 4. Each Agency expenditure will be of a type properly chargeable to a capital account under general federal income tax principles.
SECTION 5: To the best of its knowledge, this Agency is not aware of the previous adoption of official intents by the Agency 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 Agency 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 Agency so finds, determines and represents.
PASSED, APPROVED AND ADOPTED this 18th day of June 2025. ________________________________
Mayor of the City of Corona, California
ATTEST:
____________________________________
City Clerk of the City of Corona, California
CERTIFICATION
I, Sylvia Edwards, City Clerk of the City of Corona, California, do hereby certify that the foregoing Resolution was regularly passed and adopted by the City Council of the City of Corona, California, at an adjourned meeting thereof held on the 18th day of June 2025, by the following vote:
AYES:
NOES:
ABSTAINED:
ABSENT:
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the officialseal of the City of Corona, California, this 18th day of June 2025.
City Clerk of the City of Corona, California
(SEAL)