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TOWN OF TRUCKEE <br />LOCAL AGENCY RESOLUTION <br /> <br />N-u~I[BER 9 4 - 2 4 <br /> <br />RESOLUTION AUTHORIZING .4~N'I) APPROVING THE BORROI, VING OF <br />FL.'NI)S FOR FISCAL YEAR 1994-1995; THE ENTERING INq'O <br />.4~N AMENDED AND RESTATED JOLNq' EXERCISE OF <br /> POWERS AGREEMENT; TIZE ISSUAaN~CE AND SALE OF <br /> A 1994-1995 T.&X AAq3 REVENIa~E ANTICIPATION NOTE <br /> <br /> THEREFOR ANI) PARTICIPATION IN TI{E CALIFORNIA <br /> COS~fU'~qTIES CASH FLOW FLNANCING PROGRA_M <br /> <br /> '¢,'7tEREAS, local agencies are authorized by Section 53850 to 53858, both inclusive, <br />of the Government Code of the State of California (the "Act") (being Article 7.6. Chapter 4, Part 1, <br />Division 2, Title 5 of the Govermment Code) to borrow money by the issuance of t~mporaq, notes; <br /> <br /> ~,VI{EREAS, the legislative body (the "Legislative Body") of the local agency specified <br />in Section 25 hereof (the "Local Agency") has determined that a sum (the "Principal Amount"), not to <br />exceed t~he Maximum Amount of Borrowing specified in Section 25 hereof, which Principal Amount is <br />to be confirmed and set in the Pricing Confirmation (as defined in Section 4 hereof), is needed for the <br />requirements of the Local Agency, to satis~' obligations of the Local Agency, and that it is necessary that <br />said Principal ,Amount be borrowed for such purpose at this time by the issuance of a note therefor in <br />anticipation of the receipt of taxes, income, revenue, cash receipts and other moneys to be received bv <br />the Local .Agency for the general fund of the Local ,Agency attributable to its fiscal ','ear ending June 3(~. <br />i995 CFiscal Ye~ 1994-1995"); <br /> <br /> WHEREAS, the Local Agency hereby determines to borrow, for the purposes set forth <br />above, the Principal ,Amount by the issuance of the Note (as hereinafter defined); <br /> <br /> ~,,vIq:EREAS, it appears, and this Le2lslative Body herebv finds and determines, that the <br />Principal Amount, when added to the interest payablJthereon, does not exceed ei..htv-five percent (85%) <br />of ~e estimated amount of the uncollected taxes, income, revenue (inc udin~o, but not limited to. revenue <br />from the state and federal governments), cash receipts and other moneys of the Local Aaency attributable <br />to Fisca] Year I994-1995 and available for the 2avment of the principal of the Note and the interest <br />thereon; ' ' <br /> <br /> '~x,7tEREAS, no money has heretofore been borrowed by or on behalf of the Local <br />Agency through the issuance of tax anticipation notes or temporaU, notes in anticipation of the receipt <br />of, or payab e from or s'ecured by, taxes, income, revenue, cash receipts or other moneys for Fiscal Year <br />1994-1995; <br /> <br /> WHEREAS, pursuant to Section .~856 of the Act, certain moneys which will be received <br /> 5" ' <br />by the Local Agency during and attributable to Fiscal Year I994-1995 can he'lodged for the payment <br />of the principal of the Note and the interest thereon (as hereinafter provided); <br /> <br />Copyright, 1994, Orrick, Herrington & Sutdiffe. All rights reserved. <br /> <br />LA 1-67864.4 <br /> <br /> <br />