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EXHIBIT B <br />TO OFFICIAL INTENT RESOLUTION <br />ADOPTED AUGUST 27, 1991 <br /> <br /> OBJECTIVE EVIDENCE THAT CITY REASONABLY EXPECTED TO <br />REIMBURSE CERTAIN PAST EXPENDITURES WITH TAXABLE OR TAX <br />EXEMPT BOND PROCEEDS <br /> <br /> The City paid approximately $54,000 from July 1990 through December 1990 for <br />engineering studies and reports related to Improvement Project gOO-14 as described in Exhibit A <br />(the "Expenditures"). The City reasonably expected to reimburse itself for the Expenditures from <br />the proceeds of taxable or tax exempt debt, as supported by the following evidence: <br /> <br /> 1. It has been the City's consistent practice to reimburse engineering and various <br />administrative costs for public improvement projects out of bond proceeds. This practice has been <br />followed in every public improvement bond issue in the past six years, which includes the <br />following issues: <br /> <br />1987 A, B and C <br />1989 A, B and C <br /> <br /> 2. During the period of July 1990 through December 1990, the City's expectation to <br />reimburse the Expenditures from bond proceeds was consistent with the City's budgetary and <br />financial circumstances. The City did not at that time have funds allocated on a long-term basis, <br />reserved or otherwise available under the City's budget to pay for the Expenditures, as evidenced <br />by the City's 1990 budget and financial records on file in City Hall. <br /> <br />5 <br /> <br /> <br />