HomeMy WebLinkAbout026495 RES - 10/11/2005
RESOLUTION EXPRESSINCJ OFFICIAL INTENT
TO REIMBURSE $15.000.000 IN COSTS WITH RESPECT TO THE
(~ONS.TB-U<'::TION Of IMj>80\it:.MENTS TO TH.E.DTY'S UTILITY SYSTEM
WI/EREAS. the City of Corpus Christi. Texas (the "City") is a home-rule municipality and
i"dit]cal suhdivision of the State orTexas.
WHEREAS, the City expects to pay expenditures III 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 in connection with the financing of the Project from
dlailablc funds, particularly funds of the City's Utility System:
WI IFREAS. 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.] 50-2 of the
I reasury Rcgulations. to reimhurse itself for such payments at such time as it issues obligations to finance
the Pmject:
NOW, THEREFORE. BF IT RI~SO[VED BY THE CITY COUNCIL OF THE CITY OF
e ( lRPUS CHRISTI THAT:
SectjQ!LL The City rcasonably expects it will incur debt, as one or more series of obligations,
With an aggregate maximum principal amount not to exceed $] 5.000,000. for the purpose of paying the
aggregate costs of the Project.
SectiQIL.2.. All costs to be reimbursed pursuant hereto will be capital expenditures. No tax-
excmpl ohligations wi II he issued by the City in furtherance of this Statement after a date which is later
than 18 months after the later of (I) thc date the expenditures are paid or (2) the date on which the
pH'perty. with respect to which such expenditures were made, is placed in service.
Sec!lon 3, The foregoing notwithstanding, no tax-exempt obligation will be issued pursuant to
th]s Statement more than three years after the date any expenditure which is to be reimbursed is paid.
Dated: Octoher tl. 2005.
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-\rmando Chapa
e]l\ Secretary
APPROVED; i. 1 (0.2005,
By '~.d Y7. -)4:.-~~I~
Lisa Aguilar '
'\ss]stant Cit,\ Attorney:
for City Attorney
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Exhibit "A"
ihe projects consist of:
Mmor Storm Drainage Improvements Group B River Canyon Area, GlenoaklFlour Bluff Drive,
l'anglewood!Bonner
D()wntown Drainage Improvements Phase I Project B- Kinney Street Pump Station
Downtown Drainage Improvements Phase 2 Agnes Street Box Culvert and Diversion Lines
J Southside Water Transmission Main, Phase 5 -- acquisition of Parcel 50lA and 528
..; _~telope/Salt Flats Area Gravity Interceptor Line
" Lindale/Chenoweth Drainage Improvements Project Phase 1, Parts A & B
Corpus Christi, Texas
,
~,__ Day of
;' : l. ! .
,2005
The above resolution was passed by the following vote:
Henry Garrett
U:y.
Brent Chesney
"-'1'"
Melody Cooper
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Jerry Garcia
Bill Kelly
Rex Kinnison
John E Marez
Jesse Noyola
Mark Scott
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