AT
TACHMENT A
Resolution
55575.70019\44917854.1
3 RESOLUTION NO. _____
RESOLUTION OF THE CITY OF PALM SPRINGS
DECLARING ITS INTENT TO ISSUE TAX-EXEMPT BONDS
TO BE USED TO REIMBURSE THE CITY FOR
EXPENDITURES PRIOR TO THE ISSUANCE OF SUCH
BONDS
WHEREAS, the City of Palm Springs (the “City”) desires and intends to finance the rehabilitation, modernization and expansion of the Palm Springs Convention Center (the “Project”); and
WHEREAS, the City expects to cause the execution, delivery and sale of tax exempt obligations such as bonds, in one or more series, for the purpose of providing financing for a portion of the Project in a principal amount of approximately $20,000,000 (the “Obligations”); and
WHEREAS, the City expects to incur certain expenditures relating to the Project and to pay for such expenditures from the City’s moneys on hand prior to the execution of the Obligations (the “Reimbursement Expenditures”); and WHEREAS, the City reasonably expects to use a portion of the proceeds of the Obligations to reimburse the City for expenditures made prior to the date the Obligations are entered into;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PALM SPRINGS , CALIFORNIA, DOES RESOLVE, DECLARE, DETERMINE AND ORDER AS FOLLOWS:
SECTION 1. Declaration of Official Intent . The City hereby declares its official intent, subject to the further approval of this Council, to use up to $20,000,000 of the proceeds of the Obligations to reimburse itself for the Reimbursement Expenditures. It is intended that this Resolution shall constitute a declaration of “official intent” within the meaning of Section 1.150-2 of the Treasury Regulations promulgated under Section 150 of the Internal Revenue Code of 1986, as amended.
SECTION 2. Other Approvals. The adoption of this Resolution shall not bind the City to proceed with execution and delivery of the Obligations until and unless all other necessary actions and approvals are taken or received in accordance with all applicable laws.
SECTION 3. Effective Date. This Resolution shall take effect immediately upon adoption.
Resolution No.__
ADOPTED THIS 27TH DAY OF MAY 2026.
Scott C. Stiles, City Manager
ATTEST:
Brenda Pree, MMC, CERA
City Clerk
CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE )
ss.
CITY OF PALM SPRINGS )
I, BRENDA PREE, City Clerk of the City of Palm Springs, hereby certify that Resolution No. is a full, true, and correct copy, and was duly adopted at a regular meeting of the City Council of the City of Palm Springs on the 27th day of May 2026, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of Palm Springs, California, this day of May 2026.
Brenda Pree, MMC, CERA
City Clerk