HomeMy WebLinkAboutCC Res 7308 2022-06-27 RESOLUTION 7308
A RESOLUTION OF THE SEAL BEACH CITY COUNCIL
DESIGNATING THE AMOUNT OF PROJECT
EXPENDITURES TO BE REIMBURSED FROM THE STATE
WATER RESOURCES CONTROL BOARD DRINKING
WATER STATE REVOLVING FUND FOR THE BEVERLY
MANOR PUMP STATION REHABILITATION (WT 0904)
AND LCWA WATERMAIN LINING (WT 2103) PROJECT
WHEREAS, the City of Seal Beach ("City") desires to finance the cost of constructing
and/or reconstructing certain public facilities and improvements related to its water
system, including certain treatment facilities, pipelines and other infrastructure for the
Beverly Manor Pump Station Rehabilitation (WT 0904) and LCWA Watermain Lining (WT
2103) Project ("Project"); and,
WHEREAS, the City intends to finance the construction and/or reconstruction of the
Project or portions of the Project with moneys ("Project Funds") provided by the State of
California, acting by and through the State Water Resources Control Board ("State Water
Board"); and,
WHEREAS, the State Water Board may fund the Project Funds with proceed from the
sale of obligations the interest upon which is excluded from gross income for federal
income tax purposes ("Obligations"); and,
WHEREAS, prior to either the issuance of Obligations or the approval by the State Water
Board of the Project Funds the City desires to incur certain capital expenditures
("Expenditures") with respect to the Project from available moneys of the City; and,
WHEREAS, the City has determined that those moneys to be advanced on and after the
date hereof to pay the Expenditures are available only for a temporary period and it is
necessary to reimburse the City for the Expenditures from the proceeds of the
Obligations.
NOW, THEREFORE, THE SEAL BEACH CITY COUNCIL DOES HEREBY RESOLVE:
Section 1 . The City hereby states its intention and reasonably expects to reimburse
Expenditures paid prior to the issuance of the Obligations or the
approval by the State Water Board of the Project Funds.
Section 2. The reasonably expected maximum principal amount of the Project
Funds is $10,500,000.
Section 3. This Resolution is being adopted no later than 60 days after the date on
which the City will expend moneys for the construction portion of the
Project costs to be reimbursed with Project Funds.
Section 4. Each City expenditure will be of a type properly chargeable to a capital
account under general federal income tax principles.
Section 5. To the best of our knowledge, the City is not aware of the previous
adoption of official intents by the City that has been made as a matter of
course for the purpose of reimbursing expenditures for which tax-exempt
obligations have not been issued.
Section 6. This Resolution is adopted as official intent of the City in order to comply
with Treasury Regulation Section 1 .150-2 and any other regulations of
the Internal Revenue Service relating to the qualification for
reimbursement of Project costs.
Section 7. The City Council finds that this Resolution does not constitute a project
within the meaning of the California Environmental Quality Act ("CEQA"),
pursuant to CEQA Guidelines Sections 15061(b)(3) and 15378(b)(5),
because it can be seen with certainty that the action will not have a
significant effect on the environment.
Section 8. All the recitals of this Resolution are true and correct and the City so
finds, determines and represents. -
PASSED, APPROVED and ADOPTED by the Seal Beach City Council at a regular
meeting held on the 27th day of June, 2022 by the following vote:
AYES: Council Members: Kalmick, Massa-Lavitt, Moore, Sustarsic, Varipapa
NOES: Council Members: None
ABSENT: Council Members: None
ABSTAIN: Council Members: None
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Joe Kalmick, Mayor
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Dana Engstrom, Acting City "� �'n ,N,,`,
STATE OF CALIFORNIA }
COUNTY OF ORANGE } SS
CITY OF SEAL BEACH }
I, Dana Engstrom, Acting City Clerk of the City of Seal Beach, do hereby certify that the
foregoing resolution is the original copy of Resolution 7308 on file in the office of the City
Clerk, passed, approved, and adopted by the City Council at a regular meeting held on
the 27th day of June, 2022.
ana Engstrom, Acting City Clerk