HomeMy WebLinkAbout024306 RES - 12/12/2000RESOLUTION
EXPRESSING OFFICIAL INTENT TO REIMBURSE COSTS OF THE
BOND 2000 PROJECT.
WHEREAS, the City of Corpus Christi, Texas (the "Issuer") is a home-rule municipality and
political subdivision of the State of Texas;
WHEREAS, the Issuer expects to pay expenditures in connection with the design, planning,
acquisition and construction of the projects described on Exhibit "A" hereto (collectively, the
"Project") prior to the issuance of obligations to finance the Project;
WHEREAS, the Issuer finds, considers, and declares that the reimbursement of the Issuer for the
payment of such expenditures will be appropriate anc 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;
THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CORPUS
CHRISTI, TEXAS:
SECTION 1. The Issuer reasonably expects to incur debt, as one or more series of obligations, with
an aggregate maximum principal amount equal to $109,225,000 for the purpose of paying the
aggregate 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 ~vere made, is placed in service.
SECTION 3. The foregoing notwithstanding, no tax-exempt obligation will be issued pursuant to
this Statement more than three years after the date any expenditures which is to be reimbursed is
paid.
ATTEST:
Armando
Legal form approved
CITY OF CORPUS CHRISTI
Samuel L. Neal, Jr., Mayor ff
,2000; James R. Bray, Jr., City Attorney
By:
Lisa Aguilar
Assistant City Attorney
HSLEG-DIR/VERON1CA/LISA'ORD3'~O~3337 0~6
Attachment "A"
PROJECTS
Construction of improvements to the Seawall, as approved by voters of the City at an
election held November 7, 2000, aggregating an estimated $43,425,000
Construction of a multi-purpose arena, as approved by voters of the City at an election
held November 7, 2000, aggregating an estimated $35,000,000
Construction of various street improvements, as approved by the voters of the City at
an election held November 7, 2000, aggregating an estimated $20,776,000
Construction of various park and recreation improvements, as approved by the voters
of the City at an election held November 7, 2000, aggregating an estimated
$4,694,000.
Construction of various public health and safety improvements, as approved by the
voters of the City at an election held November 7, 2000, aggregating an estimated
$5,330,000
newbonds.age
Corpus Chri. sti, Texas
] ~dday of _,l~ C.P~k~d~
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
024306
H:'LEG-DIR~VERONICA',LISA~ORD3,0RD3 3 3 7