Town of Yountville
Resolution Number 25-4376
A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF YOUNTVILLE APPROVING THE TOWN OF YOUNTVILLE’S INTENTION TO REIMBURSE
EXPENDITURES RELATED TO THE YOUNTVILLE COMMONS DEVELOPMENT PROJECT (CF-0046) FROM THE PROCEEDS OF TAX-EXEMPT BONDS UP TO $100,000,000.
___________________________________________________________________________ Recitals
A. The Town Council of theTown of Yountville (the “Issuer”) desires to finance the costs of acquiring certain public facilities and improvements, as provided in Exhibit A attached hereto and incorporated herein (the “Project”); and
B. 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 C. 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 Town Council of the Town of Yountville does resolve as follows:
1. The Issuer hereby states its intention and reasonably expects to reimburse Project costs incurred prior to the issuance of the Obligations with proceeds of the Obligations. The Project is described in Exhibit A attached hereto.
2. The reasonably expected maximum principal amount of the Obligations is $100,000,000.
3. The resolution is being adopted on or prior to 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.
4. Except as described below, the expected date of issue of the Obligations will be within 18 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 to 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.
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 Issuer or any entity 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.
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 Town 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.
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.
8. This resolution is adopted as official 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.
9. All the recitals in this Resolution are true and correct and this Town Council so finds, determines and represents.
10. The Resolution is hereby adopted and becomes effective and in full force immediately upon adoption.
PASSED AND ADOPTED at a regular meeting of the Town Council of the Town of Yountville, State of
California, held on this 15th day of July 2025 by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
Margie Mohler, Mayor
ATTEST:
_____________________
Hilary Gaede, Communications Director/Town Clerk
EXHIBIT A
DESCRIPTION OF PROJECT
Engineering, design, construction and/or renovation of certain property generally located adjacent to the Town Hall building at 6550 Yount Street in the Town of Yountville, California, including the following:
- Approximately 100-150 residential housing units;
- Mixed use facilities (including residential, commercial, civic, and community use); - Community meeting and event facilities;
- Swimming pool and related facilities;
- Parking facilities; and
- Park, plaza, and other open space.