HomeMy WebLinkAbout023427 RES - 08/25/1998RESOLUTION
STATEMENT EXPRESSING
OFFICIAL INTENT TO REIMBURSE
COSTS OF THE CORPUS CHRISTI AIRPORT PROJECT.
WHEREAS, the City of Corpus Christi, Texas (the "Issuer") is a home -rule municipality 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 project described in 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 1.150-02 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:
SECTION 1. That the Issuer reasonably expect to incur debt, as one or more series of obligations,
with an aggregate maximum principal amount equal to $36,600,000 for the purpose of paying the costs of
the Project.
SECTION 2. That all costs to be reimbursed pursuant thereto 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 (1) of the date 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. That 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/.1/J1— /(-23 1998
ATT T: City of Corpus Christi
�
ayo
y Samuel L. Neal, Jr., Mayor
Armando Chapa, City Secre
The foregoing Resolution was approved prior to passage as to form and correctness on i9 45:50:, 1998.
James R. Bray, City Attorney
By: — i ldAAY`1/'- i t Li
Alison Gallaway, Assistant City Attdrney
98\AG\5000.489.vr
.`23427
Corpus Christi, Texas
Day of a.il q (([y/ , 19 #
The above resolution was passed by the following vote:
Samuel L. Neal, Jr.
Javier D. Colmenero
Melody Cooper
Alex L. Garcia, Jr.
Dr. Arnold Gonzales
Betty Jean Longoria
John Longoria
Edward A. Martin
Dr. David McNichols
98\AG\5000.489.vr
023427
Exhibit A
Project Description
The Project includes, but is not limited to: demolishing portions of the terminal building,
constructing a new and expanded terminal building replacing portions demolished, refurbishing
portions of the existing terminal building; realigning, expanding, and improving the landside
roadway system; implementing public parking improvements; constructing airfield drainage,
taxiway, apron, and support facilities improvements; and such other terminal, airfield, roadway,
runway, taxiway, apron, and support facilities improvements as may be necessary.
H:ALEG-DIRAVERONICAAALISONVORDINANC.5AAG5000.536
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PROGRAM DEVELOPMENT OUTLINE
August, 1998
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TABLE OF CONTENTS
Table of Contents
r N V V N to LO N CO CO O r r N N C7 M V V In LO CD
Introduction
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