HomeMy WebLinkAbout026618 RES - 01/24/2006RESOLUTION 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 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 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 Project
improvements:
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
NPIDC 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
CHRISTI THAT:
Section I . [he City, or NPIDC acting on behalf of the City, reasonably expects to incur debt, as one or
more series of obligations, with an aggregate maximum principal amount equal to $ 400,000.00 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 City, or NPIDC 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:
1.LLLL� A!1.111. At. //I
Armando Chapa, City ecretary HE RY GA' ' TT, MAYOR
CITY OF CO' PUS CHRISTI
APPROVED THIS THE 19th I)AY OF JANUARY, 2006:
Bv: ,y
Lisa Aguilar, Assistant. itv Attorney
for City Attorney
O2�h18
Corpus Christi, Te
of
The above resoluti• was passed by the following vote:
Henry Garrett
Brent Chesney
Melody Cooper
Jerry Garcia
Bill Kelly��`"
Rex A. Kinnison CLL.
John Marez Ufc
Jesse Noyola �(
Mark Scott
2006
RESOLUTION VOTE SHEET DOC
Exhibit "A"
The projects consist of:
1. Parking lot expenses
2. ADA ramp at Seawall steps
Bathroom design and construction
Lighting foundation and poles
Lighting fixtures
Transformers and miscellaneous electrical panels
Engineering and Design relating to these projects