Town council consideration of proposed resolution declaring intention to reimburse expenditures from the proceeds of obligations to be issued by the Town and directing certain actions (January 26, 2016)
NOW, THEREFORE, it is hereby DECLARED and ORDERED, as follows:
Section 1. The Town intends to issue obligations (theObligations) for the purpose of paying the costs of acquiring, by eminent domain, Apple Valley Ranchos Water Company’s Apple Valley Water System (theProject).
Section2. The Town hereby declares that it reasonably expects (i) to pay certain costs of the Project prior to the date of issuance of the Obligations and (ii) 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.
Section 3. The maximum principal amount of the Obligations is $125,000,000.
APPROVED and ADOPTED by the Town Council of the Town of Apple Valley this 26th day of January, 2016.