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ATTACHMENT 1 <br /> <br />RESOLUTION NO. <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PLEASANTON <br />DECLARING INTENTION TO REIMBURSE EXPENDITURES RELATING TO <br />CAPITAL IMPROVEMENT PROJECTS FROM THE PROCEEDS OF TAX- <br />EXEMPT OBLIGATIONS <br /> <br /> <br />WHEREAS, the City of Pleasanton (the “City”) owns and operates facilities and <br />property for the collection, treatment and supply of water within the service area of the City <br />(the “Water System”); and <br />WHEREAS, the City anticipates undertaking certain capital improvement projects, <br />to issue debt for such projects, and to use a portion of the proceeds of such debt to <br />reimburse expenditures made for the projects prior to the issuance of the debt; and <br /> <br />WHEREAS, United States Income Tax Regulations section 1.150-2 provides <br />generally that proceeds of tax-exempt debt are not deemed to be expended when such <br />proceeds are used for reimbursement of expenditures made prior to the date of issuance <br />of such debt unless certain procedures are followed, one of which is a requirement that <br />prior to the payment of any such expenditures, the issuer declares an intention to <br />reimburse such expenditure; and <br /> <br />WHEREAS, it is in the public interest and for the public benefit that the City <br />declares its official intent to reimburse the expenditures referenced herein. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of <br />Pleasanton as follows: <br /> <br />Section 1. Description of Project. The City Council hereby declares that it <br />reasonably expects the City, or a related entity, to issue tax-exempt obligations in one or <br />more series (the “Obligations”) for the purpose of financing improvements (generally <br />described as the “2026 Water Project”) and any other improvements to the Water System <br />approved by the City Council, including but not limited to associated management, <br />administration, financing, planning, environmental studies, permitting, procurement, right- <br />of-way acquisition, legal service, engineering, inspection, outreach, construction, and <br />closeout costs. The proceeds will be used to finance all or a portion of the following <br />improvements: <br /> <br />• Water Meter and AMI System Replacement <br />• City Groundwater Supply Project(s) <br />• Water System Emergency Power Improvements Program <br />• Annual Water Distribution System Improvements <br />• Any other improvements to the Water System approved by the City Council <br />Section 2. City Expectations. The City hereby declares that it reasonably <br />expects to pay certain costs of the Project prior to the date of issuance of the Obligations <br />and to use a portion of the proceeds of the Obligations for reimbursement of expenditures <br />for the Project that are paid before the date of issuance of the Obligations. The maximum <br />principal amount of Obligations expected to be issued is $16,500,000. <br />Page 228 of 373