HomeMy WebLinkAbout023936 RES - 02/08/2000RESOLUTION
STATEMENT EXPRESSING
OFFICIAL INTENT TO REIMBURSE
COSTS OF CERTAIN CONVENTION CENTER EXPANSION
AND REHABILITATION PROJECTS
WHEREAS, the City of Corpus Christi. Texas (the "Issuer'l is a home-rule city and a
political subdivision of the State of Texas: and
WHEREAS, thc lssuer expects to pay expenditures in connection with needs assessment
and project management services Ibr the design, planning. acquisition. and construction of the
Convention Center Expansion and Rehabilitation Prgiccts and related inthstructure needs. which
will be more fully defined after completion of the necds assessment Ithe "Projects") prior to the
issuance of obligations to finance the Projects: and
WHEREAS, the Issuer finds. considers, and declares that the reimbursement of the Issuer
for the payment of such expenditures will be appropriate and consistcnt with the lawful objcctivcs
of the Issuer and, as snch. chooses to declare its intention, in accordancc 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 Projects: and
WHEREAS, the lssuer will supplcmcnt this Reimbursement Rcsolution as the project is
more fi_fily developcd and costs are more Iifily known:
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF CORPUS CHR1STI, TEXAS THAT:
SECTION I. The Issuer reasonably expects to incur debt. as one or morc series of
obligations, with an aggregate maximum principal amount equal to $1,500.000 liar the purpose of
paying the costs of needs assessment and project management services related to the capital design,
planning. acquisition. and construction of the Convention Center Expansion and Rehabilitation
Projects and related infrastructure needs. which will be more tifily defined after completion of the
needs assessment.
SECTION 2. All costs to be r&nbursed pursuant hemto will be related to capital
expcnditures. No tax-exempt obligations will be issued by the Issuer in li~nherance 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.
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SECTION 3. The foregoing notwithstanding. no tax-exempt obligations will be issued
pursuant to this Statement more than thrcc years aller the date any cxpenditure which is to be
reimbursed is paid.
ATTEST:
Ar~etary
CITY OF CORPUS CHRISTI
By Alison Gallawa~ First Assistant City Attorney
James R. Bray, Jr., City Attorney.
Corpus Christi. Texas
The above resolution was passcd by the tiMlowing vote:
Samuel L. Neal~ Jr.
Javier D. Colmencro
Melody Cooper
IIenry Garrett
Dr. Arnold Gonzalcs
Rex A. Kinnison
Betty Jean Longoria
John Longoria
Mark Scott
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