HomeMy WebLinkAbout027812 RES - 08/19/20081
RESOLUTION EXPRESSING OFFICIAL INTENT TO REIMBURSE COSTS OF
CORPUS CHRISTI BAYFRONT DEVELOPMENT IMPLEMENTATION PLAN
PHASE 1 (SHORELINE REALIGNMENT PHASE 1).
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 general 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 $5,600,000 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: August 19, 2008
Attest:
Armando Chapa, City Secretary
Approved as to form: August 19, 2008
By: oC .✓>=�
Lisa Aguilar, Assist City Attorney
For City Attorney
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sLIIAf/ /_ d4
HENRY GA' .'YT, AYOR
CITY OF CO' 'US CHRISTI
027812
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Exhibit "A"
Corpus Christi Bayfront Development Implementation Plan Phase 1 (Shoreline Realignment
Phase 1) to include realignment of Shoreline Drive between Resaca Street and the north side of
the Federal Courthouse south of Power Street, new park space consisting of an open lawn
performance, a pergola, interactive water feature, a kiosk building with kiosk shade structure,
landscape and streetscape and utility improvements.
Corpus risti, Texas
fcl
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
Nelda Martinez
Michael McCutchon
027812