ATTACHMENT B
Memo from Best Best &
Krieger, LLP
55575.70019\44970036.1
Kimberly A. Byrens
(951) 826-8273
[email protected]
3390 University Avenue.5th Floor.P.O. Box 1028.Riverside, CA 92502 Phone: (951) 686-1450 | Fax: (951) 686-3083
www.bbklaw.com
Memorandum
To: Honorable Mayor and Members of the City Council of the City of Palm Springs, City Manager and City Attorney
From: Bond Counsel
Date: May 27, 2026
Re: City of Palm Springs Convention Center Improvements - Reimbursement Resolution
The City Council is considering financing improvements to the City’s Convention Center with the issuance of tax-exempt obligations. Should the City expend funds on items relating to the rehabilitation, modernization, and expansion of the Convention Center prior to the issuance of the tax-exempt obligations, and expect to be reimbursed from the proceeds, it is necessary under federal tax law for the City to declare its intent to reimburse itself from the proceeds of the tax - exempt obligations.
Attached is a resolution declaring the intent of the City to be reimbursed from the proceeds of tax-exempt obligations in the event that the City spends money on items relating to the modernization, rehabilitation and expansion of the Convention Center. T he resolution in no way obligates the City to issue the obligations in the future.
Should the City Council wish to seek reimbursement from tax -exempt obligations relating to the facility, it should consider adopting the accompanying resolution.