HomeMy WebLinkAbout027579 RES - 02/12/2008RESOLUTION
EXPRESSING OFFICIAL INTENT TO REIMBURSE SE C STS OF RODD
FIELD VILLAGE PUBLIC IMPROVEMENT DISTRICT
INFRASTRUCTURE UCTUI E IMPF EMENTS.
WHEREAS, the City of Corpus Christi, Texas (the "City") is a home -rule municipality and
political subdivision of the State of Texas; and
WHEREAS, EAS, 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; and
WHEREAS, the City finds, considers, and declares that the reimbursement f 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;
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 imur principal amount not to exceed $1,200,000 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 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 . 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.
SECTION 4. That this resolution shall take effect immediately from and after its passage.
Armando Chapa
City Secretary
AASTovEp AS Tit FO
ronic Ocanas
Assistant City Attorney
for City Attorney
5 -Feb -08
TH ITY OF C - PUS CHRISTI
Art 1.14
my Ga reit
Mayor
021208 RESO 2 Reimburse Rodd Field Public Imprvmt Dist Infra
027579
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Corpus Christi, Texas
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2008
The above resolution was passed by the following vote:
Henry Garrett
Melody Cooper
Larry Elizondo, Sr.
Mike Hammell
Bill Kelly
Priscilla Leal
John E. Marez
Nelda Martinez
Michael M C t h ri
027579
021208 RESO 2 Reimburse Rodd Field Public Imprvrnt Dist Infra
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Exhibit "A"
Design, construction, and development f Rodd Field Village Public Improvement District
Infrastructure Improvements.
021208 RESO Reimburse Rodd Field Public Imprvmt Dist Infra
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