HomeMy WebLinkAbout023878 RES - 12/21/1999RESOLUTION
STATEMENT EXPRESSING
OFFICIAL INTENT TO REIMBURSE
COSTS OF LEOPARD PHASE 1 & 2 STREET IMPROVEMENT PROJECT
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 Leopard Street Phase 1 & 2 Street Improvement Project ( "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 $750,000 for the purpose 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 (1) 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.
ATTE . :I'/ CITY OF CORPUS CHRISTI
Armando Chapa, City ecretary
Samuel L. Neal, Jr., M
Legal form approved on 10 C 2 /> e," , 1999; James R. Bray, Jr., City Attorney.
By: % (.r 42/v\ - I G
Alison Galla ay, Assistant City Att.rney
H.ALEC-DIRAVERONICAAALISOMORD99.600AAGORD99 699
023878
Corpus Christi, Texas
ni
otil day of C vl ,1012-r , 1999
The above resolution was passed by the following vote:
Samuel L. Neal, Jr.
Javier D. Colmenero
Melody Cooper
Henry Garrett
Dr. Arnold Gonzales
Rex A. Kinnison
Betty Jean Longoria
John Longoria
Mark Scott
II: ALEO-DIRAVERONICAAALISONAORD99.600AAGORD99.699
023878
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