Laserfiche WebLink
RESOLUTION NO. 2009-45 <br />RESOLUTION OF THE SOUTHERN CALIFORNIA PUBLIC POWER <br />AUTHORITY DECLARING ITS INTENTION TO REIMBURSE CERTAIN <br />EXPENDITURES FROM THE PROCEEDS OF A PROPOSED TAX- <br />EXEMPT BOND FINANCING, AS REQUIRED BY UNITED STATES <br />DEPARTMENT OF TREASURY REGULATIONS SECTION 1.150-2 <br />(MILFORD II PROJECT) <br />WHEREAS, the Southern California Public Power Authority (the "Authority") is <br />contemplating the issuance of tax-exempt electric obligations (the "Bonds") to fund the costs <br />associated with the acquisition of (or prepayment of energy from) the wind projects referred to as <br />the Milford IIa Project and the Milford Iib Project located north of the town of Milford, Utah <br />with an estimated aggregate capacity of approximately 200 MW (together, the "Project"); and <br />WHEREAS, certain Project expenditures will be paid prior to the date of issuance of the <br />Bonds (the "Reimbursable Expenditures"); and <br />WHEREAS, section 1.150-2 of the Treasury Regulations (the "Treasury Regulations") <br />promulgated under the Internal Revenue Code of 1986, as amended, requires that in order that an <br />allocation of proceeds of the Bonds to a capital expenditure paid prior to the issuance of the <br />Bonds be respected by the Internal Revenue Service, the Authority generally must no later than <br />60 days following such payment have declared its reasonable official intent to reimburse for such <br />payment out of proceeds of the Bonds; and <br />WHEREAS, the Authority desires to facilitate the allocation of proceeds of the Bonds to <br />the reimbursement for payment of the Reimbursable Expenditures for the Project; <br />NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Southern <br />California Public Power Authority as follows: <br />1. This Resolution is adopted solely for purposes of establishing compliance with <br />the requirements of section 1.150-2 of the Treasury Regulations. This Resolution does not <br />obligate the Authority to make any expenditure, issue the Bonds or proceed with the Project. <br />2. The Authority hereby declares its reasonable official intention to issue Bonds or <br />incur other obligations in an amount that is currently expected to be approximately <br />$325,000,000, and to apply a portion of the proceeds thereof to the reimbursement for the prior <br />payment of Reimbursable Expenditures. The Authority recognizes that under section 1.150-2 of <br />the Treasury Regulations, the allocation of proceeds of the Bonds to a Reimbursable Expenditure <br />(other than to certain de minimis or preliminary expenditures described in section 1.150-2(f) of <br />the Treasury Regulations) will be recognized only if (i) the Reimbursable Expenditure was paid <br />not earlier than 60 days prior to the adoption of this Resolution and (ii) the allocation of proceeds <br />of the Bonds to such reimbursement is made not later than the later of (a) 18 months after the <br />date of payment of the Reimbursable Expenditure or (b) 18 months after the date upon which the <br />