HomeMy WebLinkAbout022766 RES - 11/26/1996RESOLUTION
DIRECTING THE CITY MANAGER OF THE CITY OF CORPUS CHRISTI
TO GIVE NOTICE TO SUBMIT APPLICATION TO THE GARWOOD
IRRIGATION COMPANY PURSUANT TO SECTION 6 OF THE
"EXERCISE OF OPTION AND AMENDMENT TO AGREEMENT
BETWEEN THE CITY OF CORPUS CHRISTI AND GARWOOD
IRRIGATION COMPANY" DATED FEBRUARY 22, 1994; AND
PROVIDING FOR REIMBURSEMENT OF CAPITAL EXPENDITURES
FROM BOND PROCEEDS IN ACCORDANCE WITH FEDERAL LAW
WHEREAS, Corpus Christi and its water service area critically require additional water
supplies.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF CORPUS CHRISTI, TEXAS, THAT:
SECTION 1. The City Manager of the City of Corpus Christi is hereby directed to give
"Notice to Submit Application" to the Garwood Irrigation Company pursuant to Section 6 of the
"Exercise of Option and Amendment to Agreement Between the City of Corpus Christi and
Garwood Irrigation Company" dated February 22, 1994, and is directed and authorized to take all
steps incidental to such notice and as may be reasonable and necessary to successfully prosecute
such application.
SECTION 2. All costs to be reimbursed pursuant to this Resolution will be capital
expenditures; the reimbursement of the payment by the City of such expenditures will be appropriate
and consistent with the lawful objectives of the City and, as such, the City chooses to declare its
intention, in accordance with the provisions of Section 1.150-2 of the U. S. Treasury Regulations,
to reimburse itself for such payments at such time as it issues any bonds for such purpose; the bonds
to be issued shall be issued within 18 months of the later of (i) the date the expenditures are paid or
(ii) the date on which the property, with respect to which such expenditures were made, is placed in
service; and the foregoing notwithstanding, such bonds will not be issued pursuant to this Resolution
on a date that is more than three years after the date any expenditure which is to be reimbursed is
paid.
ATTEST:
City Secretary
MAYOR
THE CIT` F CORPUS CHRISTI
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APPROVED THIS THE 22. DAY OF Must ie , 1996:
JAMES BRAY, JR., CITY ITTORNEY
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Corpus Christi, Texas /�
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The above resolution was passed by the following vote:
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1/1
Mary Rhodes
Dr. Jack Best
Betty Black
Melody Cooper
Tony Heldenfels
Betty Jean Longoria
John Longoria
Edward A. Martin
Dr. David McNichols
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