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HomeMy WebLinkAbout026015 RES - 11/09/2004 RESOLUTION EXPRESSING OFFICIAL INTENT TO REIMBURSE COSTS OF THE 2004 BOND CAPITAL IMPROVEMENT PROJECTS WHEREAS, the City of Corpus Christi, Texas (the "City") is a home-rule municipality and political subdivision of the State of Texas; WHEREAS, on November 2, 2004, the citizens of the City approved the issuance of debt to finance various capital improvement projects throughout the City; WHEREAS, the City 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 by the City; WHEREAS, the City finds, considers, and declares that the reimbursement of the City for the payment of such expenditures will be appropriate and consistent with the lawful objectives of the City and, as such, chooses to declare its intention, in accordance with the provisions of Section 1.150-2 of the Treasury Regulations, to be reimbursed by the Issuer for such payments at such time as the Issuer issues obligations to finance the Project; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI THAT: Section 1. The City reasonably expects that the Issuer will, on behalf of the City, incur debt, as one or more series of obligations, with an aggregate maximum principal amount equal to $95,000,000, 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 on behalf of the City 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: Armand~ THE CITY OF CORPUS CHRISTI ~/,~~~ Samuel L. Neal, Jr. City Secretary Mayor APPROVED: J1t:.. day of tJ6'1-e~ ,2004. 77 fa :/jtf:t ,~fl:~r' jL~ Mary y Fls er City Attorney By: Nov 9 2004 2004 Bond CIP ResolutionDOC (l2fi015 2 Exhibit "A" PROJECTS . Construction of various street improvements as approved by voters of the City at an election held on November 2, 2004, aggregating an estimated $68,350,000. . Public health and safety improvements as approved by voters of the City at an election held on November 2, 2004, aggregating an estimated $1,900,000. . Public library and learning center improvements as approved by voters of the City at an election held on November 2,2004, aggregating an estimated $5,660,000. . Park and recreational improvements as approved by voters of the City at an election held on November 2, 2004, aggregating an estimated $7,406,000. . Bayfront development public improvements as approved by voters of the City at an election held on November 2, 2004, aggregating an estimated $11,684,000. Corpus Christi, Texas (~of fv;\~ 3 ,2004 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 ~~ ~ Chy Wf' ~/ ~,G (j)t ~ ~ n2f'fll:-:l