Resolution 14958CITY OF ALAMEDA RESOLUTION NO. 14958
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ALAMEDA
AUTHORIZING THE SUBMISSION OF THE APPLICATION TO THE
CALIFORNIA INFRASTRUCTURE AND ECONOMIC DEVELOPMENT
BANK FOR FINANCING OF THE CONSTRUCTION OF FIRE STATION
3, DECLARATION OF OFFICIAL INTENT TO REIMBURSE CERTAIN
EXPENDITURES FROM PROCEEDS OF OBLIGATION, AND
APPROVING CERTAIN OTHER MATTERS IN CONNECTION
THEREWITH, INCLUDING THE AUTHORIZATION FOR THE CITY
MANAGER AND HIS DESIGNEE TO NEGOTIATE AND EXECUTE ALL
RELATED FINANCIAL DOCUMENTS ON BEHALF OF THE CITY
WHEREAS, the California Infrastructure and Economic Development Bank (1-
administers a financing program to assist local governments with the financing of
public development facilities as defined in Section 63000 et seq. of the California
Government Code (the "Act "); and
WHEREAS, the I -Bank has instituted an application process for financing under
its Infrastructure State Revolving Fund Program ( "ISRF Program "); and
WHEREAS, the I- Bank's Amended and Restated Criteria, Priorities and
Guidelines for the Selection of Projects for Financing under the ISRF Program, adopted
on October 29, 2013 (the "Criteria "), establishes requirements for the financing of
projects under the ISRF Program; and
WHEREAS, the City of Alameda ( "Applicant ") desires to submit an application
( "Financing Application ") to the I- Bank for the ISRF Program for the financing of Fire
Station 3 ( "Project ") in an amount not to exceed $3,000,000; and
WHEREAS, the Act requires the Applicant to certify by resolution certain findings
prior to a Project being selected for financing by the I -Bank; and
WHEREAS, the Applicant expects to pay certain expenditures (the
"Reimbursement Expenditures ") in connection with the Project prior to incurring
indebtedness for the purpose of financing costs associated with the Project on a long-
term basis; and
WHEREAS, the Applicant reasonably expects that a financing arrangement
( "Obligation ") in an amount not expected to exceed $3,000,000 will be entered into,
under a financing agreement (the "Financing Agreement ") and that certain proceeds of
such Obligation will be used to reimburse the Reimbursement Expenditures; and
WHEREAS, the
Applicant acknowledges that the I -Bank
funds
the ISRF
Program, in part, with
the proceeds of tax exempt bonds and, as
such,
has certain
compliance obligations
that may require it to have the Applicant
enter
into a new
financing agreement to replace the Financing Agreement (the "Replacement
Agreement ") on terms and conditions substantially identical to the original Financing
Agreement.
NOW, THEREFORE, be it resolved by the City Council of the City of Alameda
(the "City Council ") as follows:
Section 1. The City Council hereby approves the filing of an ISRF Program
Financing Application with the I -Bank for the Project; and in connection therewith finds
and certifies:
a. That the Project is consistent with the General Plan of the City of Alameda,
and that the General Plan of the County of Alameda is inapplicable to the
Project;
b. The proposed financing is appropriate for the Project;
c. The Project facilitates effective and efficient use of existing and future public
resources so as to promote both economic development and conservation of
natural resources;
d. The Project develops and enhances public infrastructure in a manner that will
attract, create, and sustain long -term employment opportunities;
e. The Project is consistent with the I- Bank's Criteria for the ISRF Program; and
f. It has considered (i) the impact of the Project on California's land resources
and the need to preserve such resources; (ii) whether the Project is
economically or socially desirable; and (iii) whether the project is consistent
with, and in furtherance of the State Environmental Goals and Policy Report
(as defined in the Criteria).
Section 2. The Applicant hereby declares its official intent to use proceeds of the
Obligation to reimburse itself for Reimbursement Expenditures. This declaration is
made solely for purposes of establishing compliance with the requirements of
Section 1.150 -2 of the Treasury Regulations. This declaration does not bind the
Applicant to make any expenditure, incur any indebtedness, or proceed with the Project.
Section 3. All of the Reimbursement Expenditures were made no earlier than 60
days prior to the date of this Resolution. The Applicant will allocate proceeds of the
Obligation to pay Reimbursement Expenditures within eighteen (18) months of the later
of the date the original expenditure is paid or the date the Project is placed in service or
abandoned, but in no event more than three (3) years after the original expenditure is
paid.
Section 4. The City Manager and his or her designee is hereby authorized and
directed to act on behalf of the City of Alameda in all matters pertaining to the Financing
Application, and the execution of related financial documents, including but not limited
to, the authority to pledge General Fund revenues to the repayment of the Obligation
and provide covenants relating to rates and charges pledged and as to any other
security or collateral securing the Obligation.
Section 5. If the Financing Application is approved by the I -Bank, the City
Manager and his or her designee is authorized to enter into and sign financing
documents and any amendments thereto, including, but not limited to the Financing
Agreement and the Replacement Agreement, with the I -Bank for the purposes of
financing the Obligation.
Section 6. This resolution shall become effective immediately upon adoption.
I, the undersigned, hereby certify that the foregoing Resolution was duly and
regularly adopted and passed by the Council of the City of Alameda in a special joint
meeting assembled on the 29th day of July 2014, by the following vote to wit:
AYES: Councilmembers Chen, Daysog, Ezzy Ashcraft, Tam and
Mayor Gilmore — 5.
NOES: None.
ABSENT: None.
ABSTENTIONS: None.
IN WITNESS, WHEREOF, I have hereunto set my hand and affixed the seal of
said City this 30th day of July, 2014.
Lara Weisiger, CUy Clerk
City of Alameda