HomeMy WebLinkAbout023978 RES - 03/21/2000RESOLUTION
STATEMENT EXPRESSING
OFFICIAL INTENT TO REIMBURSE
COSTS OF LEOPARD STREET. PHASE 3 IMPROVEMENTS 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 the Leopard Street, Phase 3 - Rand Morgan Road to McKinzie Road
Improvements Project ("Project") prior to the issuance of obligations to finance the Project; and
WHEREAS, the lssuer 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 1.15 0-2 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 $860,393 for the purpose of
paying the costs of the Leopard Street, Phase 3 - Rand Morgan Road to McKinzie Road
Improvements 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.
ATTEST:
CITY OF CORPUS CHRISTI
Armando Chapa, City Secretary
Legal form approved on I '{ t3/t~l/v~
Samuel L. Jr.
,2000; James R. Bray, Jr., City Attorney.
By: {~_ .,
t C ttorney
Corpus Christi, Texas
day of ~B a~C~ ~,2000
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
023978
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