HomeMy WebLinkAbout027881 ORD - 09/30/20081
RESOLUTION EXPRESSING OFFICIAL INTENT TO REIMBURSE COSTS WITH
RESPECT TO THE CONSTRUCTION OF IMPROVEMENTS TO THE CITY'S
UTILITY SYSTEM FROM THE ISSUANCE OF REVENUE BONDS WITH MAXIMUM
PRINCIPAL AMOUNT NOT TO EXCEED $75,000,000.
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 Utility System enterprise 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 $75,000,000 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: September 30, 2008
Attest:
Armando Chapa, City SecYetary
Approved as to form: September 23, 2008
By: o\ ,A7.Yti,
Lisa Aguilar, Assi4dnt City Attorney
For City Attorney
At%/t.
IP
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HENRY GA
CITY OF CO
027881
• it/ LA. 1q
T, MAYOR
S CHRISTI
Corpus Christi, Texas
of
, 2008
The above resolution was passed by the following vote:
Henry Garrett
Melody Cooper 46/Pir
Larry Elizondo, Sr. 6NL4-
Mike Hummel!?Cr
Bill Kelly
/ifit
Priscilla G. Leal
John E. Marez Frivg
Nelda Martinez
Michael McCutchon /-6,1451—
027881
2
Exhibit "A"
Improvements and extensions to the Water, Stormwater, Wastewater, and Gas Systems.