HomeMy WebLinkAbout027650 RES - 04/08/2008RESOLUTION EXPRESSING OFFICIAL INTENT TO REIMBURSE
COSTS OF SOLID WASTE EQUIPMENT TO BE FUNDED THROUGH THE
ISSUANCE OF TAX NOTES
WHEREAS, the City of Corpus Christi, Texas (the "City") is a home -rule municipality and
political subdivision of the State ofTexas;
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;
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 $409,000, for the purpose of paying the
aggregate costs ofthe 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 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.
Attest.
Armando Cha a, City Secretary
APPROVED THIS THE 1st DAY OF April 2008:
3.4,,LL;r4
By:X,tii
Lisa Aguilar, A;sait City Attorney
for City Attorney
NRY G
CITY OF C
027650
el1
TT, MAY
RPUS CHRISTI
EXHIBIT A
Solid Waste equipment to include:
a. two open top trailers with push blade for unloading
b. two truck tractors for hauling 45 foot trailers
$ 150,654
$ 258,022
Corpus Christi, Texas
___ _ ii4,_ of , 2008
The above resolution was passed by the following vote:
Henry Garrett
Melody Cooper
Larry Elizondo, Sr.
Mike Hummell
Bill Kelly
Priscilla Leal
John E. Marez
Nelda Martinez
Michael McCutchon
44,