APPROVED AS TO FORM AND LEGALITY
___________________________
CITY ATTORNEY’S OFFICE
OAKLAND CITY COUNCIL
RESOLUTION NO. ______________ C.M.S.
RESOLUTION DECLARING THE CITY COUNCIL’S OFFICIAL
INTENT TO REIMBURSE CE RTAIN EXPENDITURES FROM
PROCEEDS OF INDEBTEDNESS
WHEREAS, the City of Oakland (the “City”) intends to finance various City infrastructure and affordable housing projects (the “Project”); and
WHEREAS, the City has paid or expects to pay certain expenditures (the “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 reasonably expects that debt obligations in an amount not expected to exceed $400 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: That, the City Council of the City of Oakland hereby finds, determines, declares and resolves as follows:
Section 1. The City hereby specifically finds and d eclares 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.
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.
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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 take effect upon its final passage.
IN COUNCIL, OAKLAND, CALIFORNIA,
PASSED BY THE FOLLOWING VOTE:
AYES - BROWN, FIFE, GALLO, HOUSTON, RAMACHANDRAN, UNGER, WANG, AND
PRESIDENT JENKINS
NOES –
ABSENT –
ABSTENTION –
ATTEST:
ASHA REED
City Clerk and Clerk of the Council of the
City of Oakland, California
3437505v2/ARM
CERTIFICATE OF THE CITY CLERK
I, Asha Reed, City Clerk and Clerk of the City Council of the City of Oakland (the “City”), hereby certify that the foregoing is a full, true and correct copy of Resolution No. ___ C.M.S., duly adopted at a meeting of the City Council of the City duly and regularly held on ________, 2025, of which meeting all of said City Council had due notice.
I further certify that I have carefully compared the foregoing copy with the original minutes of said meeting on file and of record in my office; that said copy is a true, complete and correct copy of the original resolution duly adopted at said meeting and entered in said minutes; and that said resolution has not been modified, amended, rescinded or revoked except as provided in such resolution in any manner since the date of their adoption, and the same is now in full force and effect.
IN WITNESS WHEREOF, I have executed this certificate this ___ day of ________ 2025.
____________________________________
A S H A R E E D
City Clerk and Clerk of the City Council
City of Oakland, California