Resolution/Adoption of Expenditure Plan Page
RESOLUTION NO. ____
A RESOLUTION OF THE CITY OF SANTA CLARA,
CALIFORNIA, ADOPTING THE EXPENDITURE PLAN
RELATED TO THE ISSUANCE OF GENERAL OBLIGATION
BONDS
WHEREAS, the C ity of Santa Clara (the “C ity”) is a municipal corporation and charter city duly organized and existing under the Constitution and laws of the State of California; and WHEREAS, on July 9, 2024, the City Council adopted, by a two- thirds vote of all its members, Resolution No. 24-180 determining the necessity to incur a bonded inde btedness to finance municipal improvement projects constituting public infrastructure of the City through the issuance of general obligation bonds (the “Bonds”); and
WHEREAS, on the date hereof, the City Council adopted, by a two- thirds vote of all its me mbers, an ordinance (“Ordinance”) entitled AN ORDINANCE OF THE CITY OF SANTA CLARA,
CALIFORNIA, ORDERING THE SUBMISSION OF A MEASURE INCURRING BONDED
INDEBTEDNESS TO THE QUALIFIED VOTERS OF THE CITY OF SANTA CLARA AT THE GENERAL MUNICIPAL ELECTION TO BE HELD ON NOVEMBER 5, 2024, FOR THE PURPOSE
OF FINANCING THE COST OF THE ACQUISITION, CONSTRUCTION AND IMPROVEMENT
OF CERTAIN MUNICIPAL IMPROVEMENT PROJECTS CONSTITUTING PUBLIC
INFRASTRUCTURE OF THE CITY, SUBJECT TO ACCOUNTABILITY MEASURES AND COMPLIANCE WITH AN ADOPTED EXPENDITURE PLAN”; and
WHEREAS, the City Council desires to adopt a plan for the expenditure of bond proceeds (“Expenditure Plan”) that implements the object and purpose of the Bonds as provided in Section 6 of the Ordinance; and
WHEREAS, the approved Expenditure Plan shall be attached to the Ordinance and presented to the voters as part of the measure for the Bonds at the General Municipal Election to be held on November 5, 2024.
Resolution/Adoption of Expenditure Plan Page
NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF SANTA CLARA AS FOLLOWS:
1. Recitals Correct. The foregoing recitals are true and correct.
2. That the Expenditure Plan attached here as Attachment 1, is hereby approved and adopted and shall be attached to the Ordinance and presented to the voters as part of the measure for the Bonds at the General Municipal Election to be held on November 5, 2024.
3. Adoption; Effective Date. This Resolution must be adopted by a majority of all members of the City Council and, when adopted, shall take effect immediately.
I HEREBY CERTIFY THE FOREGOING TO BE A TRUE COPY OF A RESOLUTION PASSED
AND ADOPTED BY THE CITY OF SANTA CLARA, CALIFORNIA, AT A REGULAR MEETING THEREOF HELD ON THE ___ DAY OF _________, 2024, BY THE FOLLOWING VOTE:
AYES: COUNCILORS:
NOES: COUNCILORS:
ABSENT: COUNCILORS:
ABSTAINED: COUNCILORS:
ATTEST:
NORA PIMENTEL, MMC
ASSISTANT CITY CLERK
CITY OF SANTA CLARA
Attachments to be incorporated by reference:
1. Expenditure Plan