HomeMy WebLinkAbout027488 RES - 11/20/2007RESOLUTION EXPRESSING
OFFICIAL INTENT TO REIMBURSE
COSTS OF SOUTH GUTH BALL FIELDS RELOCATION PROJECT IMPROVEMENTS
WHEREAS, the City ofCorpus 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 oft the City's general fund;
WHEREAS, the City finds, considers, and declares that the reimbursement ofthe City for the
payment of such expenditures will be appropriate and consistent with the lawful objectives ofthe 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 F THE CITY OF CORPUS
CHRISTI TFJAT:
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 $7,500,000, 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.
Date: November 20, 2007
Attest:
Armando Chapa, City ecretary
Approved: November 15, 2007
By:
Lisa Aguilar, Assis
for City Attorney
-4,..„
City Attorney
AT'
+ ' Y GA' * T , MAYOR
CITY OF Ci RPUS CHRISTI
027438
Exhibit ,R"
Land acquisition, design, construction and development ofa ball field park known as the South Guth Bali
Fields Relocation Project.
Corpus Christi, Texas
cZi of A/V/Wiiieit , 2007
The above resolution was passed by the fallowing vote:
Henry Garrett
Melody Cooper
Larry Elizondo, Sr.
Mike Hammell
Bill Kelly-fr-Y
Priscilla G. Leal /1/0
John E. Marez
Nelda Martinez
Michael McCutchon
027438