HomeMy WebLinkAbout025002 RES - 09/09/2002RESOLUTION
EXPRESSING OFFICIAL INTENT TO REIMBURSE COSTS
OF CORPUS CHRISTI CONVENTION CENTER
IMPROVEMENT 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 Corpus Christi Convention Center
Rehabilitation and Expansion 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 1: The Issuer reasonably expects to incur debt, as one or more series of
obligations, with an aggregate maximum principal amount equal to $20,000,000 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 of 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: ~~CO~STI
Armando Chapa Samuel L.~'Neal, Jr~ / V
City Secretary Mayor
Approved this the ~ day of~_~7~, 2002
James R. Bray
City Attorney
Lisa Aguilar ~,)
Assistant City Attorney
The above resolution was passed by the following vote.~
Samuel L. Neal, Jr. (_]~ ;~'
Brent Chesney ~t2
Javier D. Colmenero (~ ~_,~
Henry Garrett _ (~( .j'
Bill Kelly ~ Lk~
Rex A. Kinnison (~F(~.~'
John nongoria -(~? ,~.,
Jesse Noyola ~ e_ .2
Mark Scott ~ ~
~ O
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