HomeMy WebLinkAbout024956 RES - 07/23/2002RESOLUTION
EXPRESSING OFFICIAL INTENT TO REIMBURSE COSTS OF UTILITY
SYSTEM IMPROVEMENTS 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 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:
SECTION I. The Issuer reasonably expects to incur debt, as one or more series of
obligations, with an aggregate maximum principal amount equal to $41,366,551.82 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.
ATTES~
Armando Chapa
City Secretary
THE CITY OF CORPUS CHRISTI
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024956
APPROVED: 19th day of July, 2002.
James R. Bray Jr.
City Attorney ~)
R. J./~. R~e~ning /
First A~istant City Attorney
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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
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