1 Resolution No. 2026-XX
Date Adopted: August 18, 2026
RESOLUTION NO. 2026-XX
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF MORENO VALLEY, CALIFORNIA, REGARDING ITS
INTENTION TO ISSUE TAX-EXEMPT OBLIGATIONS
WHEREAS, the City Council of the City of Moreno Valley (the “Issuer”) desires to finance the costs of acquiring certain real property, together with any other related costs , as provided in Exhibit A attached hereto and incorporated herein (the “Project”);
WHEREAS, the Issuer intends to finance the acquisition of the Project or portions of the Project with the proceeds of the sale of obligations the interest upon which is excluded from gross income for federal income tax purposes (the “Obligations”); and
WHEREAS, prior to the issuance of the Obligations the Issuer desires to incur certain expenditures with respect to the Project from available monies of the Issuer which expenditures are desired to be reimbursed by the Issuer from a portion of the proceeds of the sale of the Obligations;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MORENO VALLEY DOES HEREBY RESOLVE, ORDER AND DETERMINE AS FOLLOWS:
SECTION 1. The Issuer hereby states its intention and reasonably expects to reimburse Proj ect costs incurred prior to the issuance of the Obligations with proceeds of the Obligations. Exhibit A describes either the general character, type, purpose, and function of the Project, or the fund or account from which Project costs are to be paid and the general functional purpose of the fund or account.
SECTION 2. The reasonably expected maximum principal amount of the Obligations is $18,000,000.00 to be issued in one or more series.
SECTION 3. This resolution is being adopted not later than 60 days a fter the date (the “Expenditures Date or Dates”) that the Issuer will expend monies for the portion of the Project costs to be reimbursed from proceeds of the Obligations.
SECTION 4. Except as described below, the expected date of issue of the Obligations will be within eighteen months of the later of the Expenditure Date or Dates and the date the Project is placed in service; provided, the reimbursement may not be made more than three years after the original expenditure is paid. For Obligations subject t o the small issuer exception of Section 148(f)(4)(D) of the Internal Revenue Code, the “eighteen -month limit” of the previous sentence is changed to “three years” and the limitation of the previous sentence beginning with “; provided, . . . .” is not applicable.
SECTION 5. Proceeds of the Obligations to be used to reimburse for Project costs are not expected to be used, within one year of reimbursement, directly or indirectly to pay debt service with respect to any obligation (other than to pay current debt service coming due within the next succeeding one year period on any tax-exempt obligation of the Issuer (other than the Obligations)) or to be held as a reasonably required reserve or replacement fund with respect to an obligation of the
2 Resolution No. 2026-XX
Date Adopted: August 18, 2026
Issuer or any en tity related in any manner to the Issuer, or to reimburse any expenditure that was originally paid with the proceeds of any obligation, or to replace funds that are or will be used in such manner.
SECTION 6. This resolution is consistent with the budgetary and financial circumstances of the Issuer, as of the date hereof. No monies from sources other than the Obligation issue are, or are reasonably expected to be reserved, allocated on a long -term basis, or otherwise set aside by the Issuer (or any related party) pursuant to their budget or financial policies with respect to the Project costs. To the best of our knowledge, this City Council is not aware of the previous adoption of official intents by the Issuer 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 7. The limitations described in Section 3 and Section 4 do not apply to (a) costs of issuance of the Obligations, (b) an amount not in excess of the lesser of $100,000 or five percent (5%) of the proceeds of the Obligations, or (c) any preliminary expenditures, such as architectural, engineering, surveying, soil testing, and similar costs other than land acquisition, site preparation, and similar costs incident to commencement of construction, not in excess of twenty percent (20%) of the aggregate issue price of the Obligations that finances the Project for which the preliminary expenditures were incurred.
SECTION 8. This resolution is adopted as offici al action of the Issuer 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 Issuer expenditures incurred prior to the date of issue of the Obligations, is part of the Issuer’s official proceedings, and will be available for inspection by the general public at the main administrative office of the Issuer.
SECTION 9. All the recitals in this Resolution are true and correct and this City Council so finds, determines and represents.
APPROVED AND ADOPTED this 18th day of August, 2026.
Ulises Cabrera
Mayor
City of Moreno Valley
ATTEST:
____________________________________
M. Patricia Rodriguez, MMC, City Clerk
APPROVED AS TO FORM:
____________________________________
Steven B. Quintanilla, City Attorney
3 Resolution No. 2026-XX
Date Adopted: August 18, 2026
EXHIBIT A
DESCRIPTION OF PROJECT
The acquisition of real property pursuant to an Agreement for Purchase and Sale of Real Estate (and Joint Escrow Instructions), entered into on Ju ly 16, 2026, by and between Passco Pacifica LLC, a Delaware limited liability company and Belago Park Ventures LLC, a California corporation (“Seller”), and the Issuer, together with any other related costs.
A-1
4 Resolution No. 2026-XX
Date Adopted: August 18, 2026
CLERK’S CERTIFICATE
The undersigned, City Clerk of the City of Moreno Valley, does hereby certify as follows:
The foregoing resolution is a full, true and correct copy of a resolution duly adopted by a vote of a majority of the City Council of the City of Moreno Valley at a regular meeting of said Council duly and regularly and legally held at the Council Chambers of the City Council, City Hall, 14177 Frederick Street, Moreno Valley, California, on August 18, 2026, of which all of such members had due notice, as follows:
AYES:
NOES:
ABSTAIN:
ABSENT:
An agenda of said meeting was posted at least 72 hours before said meeting at 14177 Frederick Street, Moreno Valley, California, a location freely accessible to members of the public, and a brief description of said resolution appeared on said agenda.
I have carefully compared the foregoing with the original minutes of said meeting on file and of record in my office, and the foregoing is a full, true and correct copy of the original resolution adopted at said meeting and entered in said minutes.
Said resolution has not been amended, modified or rescinded since the date of its adoption and the same is now in full force and effect.
Dated: ___________, 2026
__________________________________
M. Patricia Rodriguez, MMC, City Clerk
[Seal]
5 Resolution No. 2026-XX
Date Adopted: August 18, 2026
RESOLUTION JURAT
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF MORENO VALLEY )
I, M. Patricia Rodriguez, MMC, City Clerk of the City of Moreno Valley, do hereby certify that Resolution No. 2026-XX was duly and regularly adopted by the City Council of the City of Moreno Valley at a regular meeting thereof held on the 18th day of August, 2026, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
(Council Members, Mayor Pro Tem and Mayor)
______________________________________________
M. PATRICIA RODRIGUEZ, MMC, CITY CLERK
(SEAL)