HomeMy WebLinkAbout025920 RES - 08/31/2004 RESOLUTION EXPRESSING OFFICIAL INTENT
OF THE CITY OF CORPUS CHRISTI
TO REIMBURSE $25,000,000 IN COSTS WITH RESPECT TO
THE CONSTRUCTION OF IMPROVEMENTS TO THE CITY'S UTILITY SYSTEM
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 project described on Exhibit "A" hereto (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 CHR1STI,
TEXAS THAT:
Section 1. The Issuer reasonably expects to incur debt, as one or more series of obligations, with an aggregate
maximum principal amount not to exceed $25,000,000 for the purpose of paying the 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(l) 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.
Section 4. This Resolution shall become effective upon a~tion.
ATTEST:
City Secretary
APPROVED: August 27, 2004
Mary l~,hy Fisher
City Attorney
Tl;~ CI,TY'~oF CORPUS CHRISTI
Exhibit "A"
Meadowbrook Subdivision Area Drainage
Water Main Improvements Elizabeth Street
Storm Master Plan Phase 3
Willow/Brawner Parkway Proctor Channel Outfall
Leopard Street Roadside Safety Improvements
Greenwood Plant Expansion 8 to 12 MGD
Clarkwood North Lift Station
Force Main Repairs/Replacement - Line C
Chlorine Removal hcilities
Broadway Diversion
Lift Station at Buckingham
Airport Lift Station
Laguna Madre Collection and Aeration Systems Rehabilitation
Wood River Force Main Repairs
Bill Witt Park Waste Water Improvements
Country Club Ditch Drainage Improvements
Lindale Subdivision Drainage Improvements
Downtown Drainage Study/Improvements
Alta Plaza Drainage Improvements
Mary Carroll Channel Improvements
Meadowbrook Subdivision Drainage Improvements
Major Storm Water Outfalls Repairs
LakeView Drive Ditch Regrade
Savage Lane ClearwelI-Tanks/Pump PiffWater Main
Southside Transmission Main
ON Stevens Wash Water System
Highway 44 Clarkwood Bypass
Baseball Stadium Complex Utility Improvements
Navigation Pump Plant Storage Reservoir
Padre Island Pumping Plant Improvements
Corpus Christi, Texas~/,--~
~1~ o, L~,~+ ,2004
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The above resolution was passed by the following vote:
Samuel L. Neal, Jr.
Brent Chesney
Javier D. Colmenero
Melody Cooper
Henry Garrett
Bill Kelly
Rex A. Kinnison
Jesse Noyola
Mark Scott
2
RESOLRJRDOC