HomeMy WebLinkAbout022793 RES - 12/17/1996RESOLUTION
STATEMENT EXPRESSING
OFFICIAL INTENT TO REIMBURSE
COSTS OF THE UTILITY SYSTEM IMPROVEMENTS
WHEREAS, the City of Corpus Christi, Texas (the "Issuer") is a home -rule city and a
political subdivision of the State of Texas; and
WHEREAS, the Issuer expects to pay expenditures in connection with the design, planning,
acquisition, and construction of the projects described on Exhibit "A" hereto (the "Project") prior
to the issuance of obligations to finance the Project; and
WHEREAS, the Issuer finds, considers, and declares that the reimbursement of the Issuer
for the payment of such expenditures will be appropriate and consistent with the lawful objectives
of the Issuer and, as such, chooses to declare its intention, in accordance with the provisions of
Section 1.150-2 of the Treasury Regulations, to reimburse itself for such payments at such time as
it issues obligations to finance the Project;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF CORPUS CHRISTI, TEXAS THAT:
SECTION 1. The Issuer reasonably expects to incur debt, as one or more series of
obligations, with an aggregate maximum principal amount equal to $30,425,000 for the purposes
of paying the costs of the Project.
SECTION 2. All costs to be reimbursed pursuant hereto will be capital expenditures. No
tax-exempt obligations will be issued by the Issuer in furtherance of this Statement after a date which
is later than 18 months after the later of (I) the date the expenditures are paid or (2) the date on
which the property, with respect to which such expenditures were made, is placed in service.
SECTION 3. The foregoing notwithstanding, no tax-exempt obligations will be issued
pursuant to this Statement more than three years after the date any expenditure which is to be
reimbursed is paid.
PASSED AND APPROVED—At:e.Mbik / 7 , 1996.
ATTEST:
City Secretayy, City of rpus Christi,
Texas Gaff
AG\96\5000.166
Mayos' Mar}, des
City of Corpus isti, Texas
022793
MILROFILMEI
2
The foregoing Resolution was approved prior to passage as to form and correctness this the
day of c Lits -b t1" , 1996.
AG\96\5000.166
James R. Bray
City Attorney
By: (.CARNIc acitia.,11
Alison Gallaway
Assistant City Attorney
Corpus Christi, Texas
3
17th Day of, I.GP(r,Q.irhk) , 19 940
The above resolution was passed by the following vote:
Mary Rhodes
Dr. Jack Best
Betty Black
Melody Cooper
Tony Heldenfels
Betty Jean Longoria
John Longoria
Edward A. Martin
Dr. David McNichols
AG\96\5000.166
022792
12/26/96
EXHIBIT A
FY 1996-97 CAPITAL BUDGET
PROPOSED REVENUE BOND SALE - WATER
Water Projects:
Amount
Utility Relocations 4,800,000
Safe Drinking Water Act Requirements 500,000
Stevens Plant Sedimentation Basins 1 & 2 Rehabilitation 2,500,000
Stevens Plant East & West Sludge Lagoons Rehabilitation 1,800,000
Stevens Plant Road and Parking Lot Imps. 160,000
Stevens River Station Raw Water Pump Bldg. #1 Automation 160,000
Stevens Plant Chemical Monitoring System 335,000
Stevens Plant Bi-directional Chlorine Feed System 260,000
Stevens Plant Chlorine Containment Building 1,500,000
Stevens Plant Chemical Building Control Room Modifications 110,000
Stevens Plant Chemical Feed Piping Replacement 2,200,000
Bond Issue Costs 290,000
Water Supply Projects:
Garwood Water 15,000,000
Campbellton Wells Rehabilitation 500,000
Bond Issue Costs 310,000
Water Total: 30,425,000