HomeMy WebLinkAbout026460 RES - 09/13/2005
RESOLUTION EXPRESSING
OFFICIAL INTENT TO REIMBURSE
COSTS OF THE PACKERY CHANNEL IMPROVEMENTS PROJECT
WHEREAS, the City of Corpus Christi, Texas (the "City") is a home-rule municipality
and Plllitical subdivision of the State of Texas:
WHEREAS, the City expects 10 pay expenditures in connection with the design,
piannmg, acquisition and construction of the projects described on Exhibit "A" hereto
(collectively, the "Project") prior to the issuance of obligations either by the City or by the North
Padre Island Development Corporation ("NPIDC"), a non-profit corporation created by the City
to act on behalf of the City to finance Projcct improvements:
WHEREAS, the City finds. considcrs, and declares that the reimbursement ofthe City
fUI thl' payment of such expenditures will be appropriate and consistent with the lawful
oh]cctlves Ilfthe City and NPIDC and, as such, chooses to declare its intention, in accordance
II Ilh the provisions of Section 1" 150-2 of the Treasury Regulations, to reimburse itself for such
pal ml'nIS at such time as it issues ohligations to finance the Project:
THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
CORPUS CHRISTI THAT:
~eclion I" The City, or l\PIDC acting on behalfofthe City, reasonably expects to incur
dl'!lL ;IS one or more series of obligations. with an aggregate maximum principal amount equal to
'j;:'OO,! 100"00 for the purposc of paying the aggregate costs of the Project.
Section 2" All costs to be reimbursed pursuant hereto will be capital expenditures. No
la\,-c\,cmpt 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 (I) the date the expenditures are paid or (2) the
date (Ill which the property. with respect to which such expenditures were made, is placed in
SCl\ le,'.
Section 3" The foregoing notwithstanding, no tax-exempt obligation will be issued
pursuant to this Statement more than three years after thc date any expenditure which is to be
rei mbursed is paid.
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'\rmando Chapa, City Secretary
;\I'PROVED THIS THE .~
th4~~ZtH
LISa AgUllar ./
Assistant City Attorney
I()J' Citv Attorney
11...
DAY OF ~:'~ h,e,..- _ .2005:
(~ :2 h <1 h 0
Exhibit "A"
Projects
I':lckcry Channel Parking Lot Construction and Improvements
$500,000.00
Corpus Christi, Texas
-~,h .1 _
--'.~_ Day of ~([:t 1.J2C ~
,2005
The above resolution was passed by the following vote:
Henry Garrett
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Brent Chesney
Melody Cooper
Jerry Garcia
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Bill Kelly
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Rex Kinnison
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John E. Marez
Jesse Noyola
Mark Scott
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