RES 2026070 - Laserfiche WebLink

RESOLUTION NO. 2026-070 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PLEASANTON DECLARING INTENTION TO REIMBURSE EXPENDITURES RELATING TO CAPITAL IMPROVEMENT PROJECTS FROM THE PROCEEDS OF TAX- EXEMPT OBLIGATIONS WHEREAS, the City of Pleasanton (the "City") owns and operates facilities and property for the collection, treatment and supply of water within the service area of the City (the "Water System"); and WHEREAS, the City anticipates undertaking certain capital improvement projects, to issue debt for such projects, and to use a portion of the proceeds of such debt to reimburse expenditures made for the projects prior to the issuance of the debt; and WHEREAS, United States Income Tax Regulations section 1.150-2 provides generally that proceeds of tax-exempt debt are not deemed to be expended when such proceeds are used for reimbursement of expenditures made prior to the date of issuance of such debt unless certain procedures are followed, one of which is a requirement that prior to the payment of any such expenditures, the issuer declares an intention to reimburse such expenditure; and WHEREAS, it is in the public interest and for the public benefit that the City declares its official intent to reimburse the expenditures referenced herein. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLEASANTON DOES RESOLVE, DECLARE, DETERMINE AND ORDER THE FOLLOWING: Section 1. Description of Project. The City Council hereby declares that it reasonably expects the City, or a related entity, to issue tax-exempt obligations in one or more series (the "Obligations") for the purpose of financing improvements (generally described as the "2026 Water Project") and any other improvements to the Water System approved by the City Council, including but not limited to associated management, administration, financing, planning, environmental studies, permitting, procurement, right-of- way acquisition, legal service, engineering, inspection, outreach, construction, and closeout costs. The proceeds will be used to finance all or a portion of the following improvements: • Water Meter and AMI System Replacement • City Groundwater Supply Project(s) • Water System Emergency Power Improvements Program • Annual Water Distribution System Improvements • Any other improvements to the Water System approved by the City Council Section 2. City Expectations. The City hereby declares that it reasonably expects to pay certain costs of the Project prior to the date of issuance of the Obligations and to use a portion of the proceeds of the Obligations for reimbursement of expenditures for the Project that are paid before the date of issuance of the Obligations. The maximum principal amount of Obligations expected to be issued is $16,500,000.