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Date Adopted:
Date Approved:
Effective Date:
City Attorney Approval: ______
505811v1 Resolution No.
RESOLUTION NO. ____________
A RESOLUTION OF THE COUNCIL OF THE CITY OF
FRESNO, CALIFORNIA, DECLARING ITS OFFICIAL
INTENT TO REIMBURSE CERTAIN EXPENDITURES
FROM PROCEEDS OF INDEBTEDNESS
WHEREAS, the City of Fresno intends to finance the capital costs of Pave More Now, Pay Later Program (Project); and
WHEREAS, the Cit y has paid or expects to pay certain expenditures (Reimbursement Expenditures) in connection with the Project prior to the issuance of indebtedness for the purpose of financing costs associated with the Project on a long - term basis; and
WHEREAS, the City r easonably expects that debt obligations in an amount not expected to exceed $100 million will be issued and that certain of the proceeds of such debt obligations will be used to reimburse the Reimbursement Expenditures; and WHEREAS, Section 1.150 -2 of the Treasury Regulations require the City to declare its reasonable official intent to reimburse prior expenditures for the Project with proceeds of a subsequent borrowing.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Fresno as follows:
Section 1. The City hereby specifically finds and declares that the actions authorized hereby constitute and are with respect to municipal affairs of the City and the statements, findings and determinations of the City set forth in the recitals above are true and correct.
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Section 2. This declaration is made solely for purposes of establishing compliance with the requirements of Section 1.150 -2 of the Treasury Regulations. This declaration does not bind the City to make any expenditure, incur any indebtedness, or proceed with the Project.
Section 3. The City hereby declares its official intent to use proceeds of indebtedness to reimburse itself for Reimbursement Expenditures.
Section 4. This resolution shall be effective upon final approval.
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STATE OF CALIFORNIA )
COUNTY OF FRESNO ) ss
CITY OF FRESNO )
I, TODD STERMER, City Clerk of 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 :
TODD STERMER, MMC
City Clerk
By:
Deputy Date
APPROVED AS TO FORM:
ANDREW JANZ
City Attorney
By:
Sukhman S. Sekhon Date
Deputy City Attorney