HomeMy WebLinkAbout026868 RES - 07/11/2006RESOLUTION EXPRESSING OFFICIAL INTENT TO REIMBURSE
$12,000,000 IN COSTS WITH RESPECT TO THE CONSTRUCTION OF
IMPROVEMENTS TO THE CITY'S UTILITY SYSTEM
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 Utility System enterprise fund;
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;
THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CORPUS
CHRISTI THAT:
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 $12,000,000, 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 City in furtherance of this Resolution 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 Resolution more than three years after the date any expenditure which is to be reimbursed is paid.
Attest:
VL, Ael
Armando Chapa, ;I Secretary H
City of Co .us Christi, Texas
APPROVED THIS THE 7th DAY OF July, 2006:
Lisa Aguilar, sistant City Attorney
for the City Attorney
Y
GA
CITY OF C
TT, MAYOR
RPUS CHRISTI
.)
Exhibit "A"
Improvements and extensions to the Water, Stormwater, Wastewater, and Gas Systems.
CORPUS CHRISTI, TEXAS
(I DAY OF
The above resolution was passed by the following vote:
Henry Garrett
Brent Chesney
Melody Cooper
Jerry Garcia
Bill Kelly
Rex A. Kinnison
John Marez
Jesse Noyola
Mark Scott
6,
Cbofr
a,,
, 2006