HomeMy WebLinkAbout026061 RES - 12/14/2004
RESOLUTION EXPRESSING
OFFICIAL INTENT TO REIMBURSE
COSTS OF THE MARINA IMPROVEMENTS PROJECT
WHEREAS, the City of Corpus Christi, Texas (the "City") is a home-rule municipality and political
subdivision of the State of Texas;
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 I. I 50-
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;
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI THAT:
Section I. 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 not to exceed $4,500,000
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 on behalf of the City in furtherance of this Statement after a
date which is later than 18 months after the later of (I) 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 its adoption.
PASSED AND APPROVED, Q.,u:.."..k\..> I~, 2 L'OY.
ATTES~
Armando Chapa
City Secretary
THE CITY OF CORPUS CHRISTI
~_H/if, ~ ~
Samuel L. Neal, Jr.
Mayor
APPROVED: December 9, 2004
By: c-{./-~ *LZ~
Lisa Aguilar (
Assistant City ttorney
for City Attorney
02R061
Exhibit "A"
The projects consist of constructing improvements at the Corpus Christi Marina, including Peoples
Street T-Head Floating Docks and Boater's FaciIitylRestroom.
Corpus Christi, Texas
jt'{ 1>- Day of I) (c.c ,,_ f~-,,~
200\..f
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The above resolution was passed by the following vote:
Samuel L. Neal, Jr. (~(
Brent Chesney ~'---
Javier D. Colmenero (~'l c
c',
Melody Cooper L<'-llC
Henry Garrett O-LJ ( ,
Bill Kelly (c'L)C
Rex A. Kinnison cu..) <-J
Jesse Noyola [~
L..
Mark Scott ~
n") ~ I) Fol