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and it is necessary to reimburse the City for the Expenditures from the proceeds of the Obligations.
NOW, THEREFORE, BE IT RESOLVED b y the Council of the City of Fresno as follows:
1. All the recitals in this Resolution are true and correct, and the Council so finds, determines, and represents.
2. 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.
3. The reasonably expected maximum principal amount of the Project Funds is $50,000,000.
4. This Resolution is being adopted no later than 60 days after the date on which the Agency will expend moneys for the construction portion of the Project costs to be reimbursed with Project Funds.
5. Each City expenditure will be of a type properly chargeable to a capital account under general federal income tax principles.
6. To the best of the knowledge of the City , the 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.
7. This Resolution is adopted as the official intent of the City in order 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. 361650v3
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8. This resolution shall be effective upon final approval. * * * * * * * * * * * * * *
STATE OF CALIFORNIA )
COUNTY OF FRESNO ) ss.
CITY OF FRESNO )
I, TODD STERMER, City Clerk for the City of Fresno, certify that the foregoing resolution was adopted by the Council of the City of Fresno at a regular meeting held on the _____ day of _____________, 2025.
AYES:
NOES:
ABSENT:
ABSTAIN:
Mayor Approval:_______________________________________, 2025 Mayor Approval/No Return: ______________________________, 2025 Mayor Veto: __________________________________________, 2025 Council Override Vote: __________________________________, 2025
TODD STERMER, CMC
City Clerk
By:__________________________
Deputy Date
APPROVED AS TO FORM:
ANDREW JANZ
City Attorney
By: ___________________________
Jennifer M. Quintanilla Date
Senior Deputy City Attorney