HomeMy WebLinkAbout026754 RES - 04/25/2006RESOLUTION EXPRESSING
OFFICIAL INTENT TO REIMBURSE
COSTS OF THE PACKERY CHANNEL IMPROVEMENTS PROJECT
WHEREAS, the (tt_y of Corpus Christi.. Texas (the "City ") is a home -rule municipality and
political subdivision of the State of. Texas,
WHEREAS, the (`ity 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 ( "NPID( '), 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 he appropriate and consistent with the lawful objectives of the
City and N PIDC 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 The Cit\,orNPIDC 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
S2,000.000 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 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.
\ttest:
Armando Chapa, City Secretary
City of orpus Christi, Texas
H NRY G
CITY OF
�PPROVF;D THIS THE 20th DAY OF April, 2006:
Lisa Aguil Assistant City Attorney
for the City Attorney
'; 754
RE T, MAY • R
RPUS CHRISTI
Exhibit "A"
he projects consist of
1. Hurricane Rita Damage Repair Costs to Infrastructure
2. Hurricane Emily Damage Repair Costs to Infrastructure
3. - additional stone quantity for completion of project
4. Packery Channel South Parking Lot Improvements
Cor us Christi, Texas
day of
, 2006
The above resolution was passed by the following vote:
Henry Garrett.
Brent Chesney
Melody Cooper
Jerry Garcia
William Kelly
Rex A_ Kinnison
John E Marez
Jesse Noyola
Mark Scott -L4i4h1