HomeMy WebLinkAbout024460 RES - 05/15/2001 RESOLUTION EXPRESSING
OFFICIAL INTENT TO REIMBURSE
COSTS OF THE PACKERY CHANNEL IMPROVEMENTS PROJECT
WHEREAS, the City of Corpus Christi, Texas (the "Issuer") is a home-role 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 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;
THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
CORPUS CHRISTI 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 $10,500,000 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 were 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 expenditure which is to be reimbursed is
paid.
Attest:
APPROVED THIS THE IO DAYOF
James R. Bray, City Attorney
,2001:
By ~...x~ ~(o~~'~
Lisa Aguilar, Assist~t City' ' ' -' Attorney
LOA/res.046
Exhibit "A"
Projects
Dredging/Sand Placemem
Jetties
Jetty Walks
Shoreline Protection
Mitigation, Public and Environmental Facilities
Design, Engineering, and Permitting
Reserve for Maintenance
Parking Facility
LOA/res.046
CORPUS CHRISTI, TEXAS
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The above resolution was passed by the following vote:
Samuel L. Neal, Jr.
Brent Chesney
Javier D. Colmenero
Henry Garrett
Bill Kelly
Rex A. Kinnison
John Longoria
Jesse Noyola
Mark Scott
LOA/res.046