HomeMy WebLinkAbout027911 RES - 10/21/2008RESOLUTION EXPRESSING OFFICIAL INTENT TO REIMBURSE COSTS WITH
RESPECT TO THE HEALTH DEPARTMENT LABORATORY AIR HANDLER AND
HEALTH DEPARTMENT CHILLER REPLACEMENT
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 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 to incur debt, including, but not limited to, bonds subject to voter
approval in November 2008, as one or more series of obligations, with an aggregate maximum principal
amount not to exceed $355,000, 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 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.
Date: October 21, 2008
Attest:
Armando Chapa, City Secre
Approved as to form: October 14, 2008
By: .✓Y2
Lisa Aguilar, Assist ity Attorney
For the City Attorney
H NRY a ARRET, MAYOR
CITY 0 CORPUS CHRISTI
027911
Exhibit "A"
Health Department Laboratory Air Handler replacement and Health Department Chiller replacement.
Corpus Christi, Texas
of C% , hiA , 2008
The above resolution was passed by the following vote:
Henry Garrett
Melody Cooper
Larry Elizondo, Sr. ��G
Mike Hummel!
Bill Kelly
Priscilla G. Leal
John E. Marez
Nelda Martinez
Michael McCutchon
027911