HomeMy WebLinkAbout027682 RES - 04/29/2008RESOLUTION
EXPRESSING OFFICIAL INTENT TO REIMBURSE COSTS IN THE AMOUNT
NOT TO EXCEED $900,000 FOR SERVICES ASSOCIATED WITH
SURVEYING, ENGINEERING GEOTECHNICAL ANALYSIS, ENGINEERING
DESIGN SERVICES, PRINTING, ADVERTISING AND CONSTRUCTION OF
STREET OVERLAY PROJECTS TO BE FUNDED THROUGH THE ISSUANCE
OF TAX NOTES.
WHEREAS, the City of Corpus Christi, Texas (the "Citi") is a home -rule municipality and political
subdivision of the State of Texas;
WHEREAS, the City expects to pay expenditures in connection with the surveying, engineering
geotechnical analysis, engineering design services, printing, advertising and construction of street overlay
projects described on Exhibit t'A" hereto (collectively, the "Project") in an amount not to exceed $900,000
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 tax note obligations,
with an aggregate maximum principal amount not to exceed $9,000,000 for the purpose of paying the
aggregate costs of public improvements financed with the tax note obligations, including the aggregate
costs of the Project.
Section 2. Alt costs to be reimbursed pursuant hereto in an amount not to exceed $900,000 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 Chapa, City S
retary
APPROVED THIS THE 22nd DAY OF April 2008:
By: 4,,v):1,
Lisa Aguilar, Aunt City Attorney
for City Attorney
HNRYx
CITY OF CO
HALEG-DIR\Lisa\2008R solutions\r iniburs m nt street r pair .dc
027682
TT, MAYOR
US CHRISTI
EXHIBIT A
Street Maintenance/Overlays to include:
Morgan-Virginia/Nineteenth
Nueces Bay — Upriver/1E137
Riverhill — 624/Dead End
Tarlton — Greenwood/Washington
Upriver — Nueces Bay/Palm
Wandering Creek — Leopard/Turkey Leopard/TurkeyCreek
Wildcat — 624/Teague
Carancahua (Third) — Handcock/Morgan
Louisiana Parkway (N) — Santa Fe/Alameda
Louisiana Parkway (S) — Ocean/Santa Fe
Louisiana Parkway (S)— Santa Fe/Staples
Baldwin — Airport/Agnes
Tr j an — Greenwood/Crosstown
Airline — Ocean/Alameda
C mmad re — PR22/Aquarius
Robert — Gaines/Alameda
Flynn Parkway — Bonner — Philippine/Holly
Corpus Christi, Texas
c>2 of
2008
The above resolution was passed by the following vote:
Henry Garrett
Melody Cooper
Larry Elizondo, Sr. .
Mike Hummel!
Bill Kelly
Priscilla G. Leal
John E. Marez 767-6924- __.
Nelda Martinez
Michael McCutchon
027682