HomeMy WebLinkAbout026831 RES - 06/13/2006Page 1 of 4
RESOLUTION
APPROVING THE REIMBURSEMENT STATEMENT EXPRESSING THE
CITY'S OFFICIAL INTENTION TO REIMBURSE THE COSTS OF
PROJECTS FUNDED THROUGH THE TEXAS MILITARY VALUE
REVOLVING LOAN FUND.
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 in connection
with the financing of the Project from available funds, particularly funds of the City's
general fund and utility systems funds.
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 1.150 -2 of the Treasury Regulations, to reimburse itself for
such payments at such time as it issues obligations to finance the Project;
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
CORPUS CHRISTI, TEXAS:
SECTION 1. The City reasonably expects it will incur debt, as one or more series of
obligations, with an aggregate maximum principal amount not to exceed $11,000,000,
for the purpose of paying the aggregate costs of the Projects.
SECTION 2. All costs to be reimbursed pursuant hereto will be capital expenditures.
No tax - exempt obligations will be issued by 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 of (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 the Statement more than three years after the date any expenditure which is
to be reimbursed is paid
ATTEST
CITY OF CORPUS CHRISTI
v VL// � .
Armando Chapa - y Gar
City Secretary Mayor
APPROVED: 8th day of June, 2006
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APPROVED: 8th day of June, 2006
oyle D. Curtis
Chief, Administrative Law Section
Senior Assistant City Attorney
For City Attorney
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Corpus Christi, Texas
I3 of
2006
The above resolution was passed by the following vote:
Henry Garrett
Brent Chesney
John E Marez
Melody Cooper
Jerry Garcia
Bill Kelly
Rex A. Kinnison
Jesse Noyola
Mark Scott
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EXHIBIT "A"
Construction of improvements and reconstruction of Port Avenue from IH 37
to US 181
Flour Bluff Drive relocation and land acquisition.
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