HomeMy WebLinkAbout027950 RES - 11/18/2008RESOLUTION EXPRESSING OFFICIAL INTENT TO REIMBURSE COSTS OF THE
2008 BOND CAPITAL IMPROVEMENTS PROJECTS IN AMOUNT NOT TO EXCEED $152,645,000
FOR IMPROVEMENTS TO STREETS, FIRE DEPARTMENT FACILITIES, POLICE DEPARTMENT
FACILITIES, LIBRARIES, MUSEUMS, PARKS AND RECREATION FACILITIES, AND
BAYFRONT DEVELOPMENT
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 it will incur debt, as one or more series of obligations,
with an aggregate maximum principal amount not to exceed $152,645,000.00, 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: November 18, 2008
Attest:
1 , //
Armando Chapa, City Se etary
Approved as to form: November 7, 2008
By: oe,Ain
Lisa Aguilar, Assisity Attorney
For the City Attome'
RYG• T, MAYOR
CITY OF CORPUS CHRISTI
027950
Exhibit "A"
• Construction of various street improvements as approved by voters of the City at an election held
on November 4, 2008, aggregating an estimated $104,610,000.
• Fire Department improvements as approved by voters of the City at an election held on
November 4, 2008, aggregating an estimated $6,250,000.
• Police Department improvements as approved by voters of the City at an election held on
November 4, 2008, aggregating an estimated $3,340,000.
• Public health improvements as approved by voters of the City at an election held on November 4,
2008, aggregating an estimated $795,000.
• Public facilities improvements (library and museums) as approved by voters of the City at an
election held on November 4, 2008, aggregating an estimated $3,050,000.
• Park and recreational improvements as approved by voters of the City at an election held on
November 4, 2008, aggregating an estimated $21,600,000.
• Bayfront development public improvements as approved by voters of the City at an election held
on November 4, 2008, aggregating an estimated $13,000,000.
Corpus Christi, Texas be/L of Wov 1e/L , 2008
The above resolution was passed by the following vote:
Henry Garrett
Melody Cooper A"I/I
—
Larry Elizondo, Sr.
Mike Hummell QQ, lam_
Bill Kelly
Priscilla G. Leal
John E. Marez
Nelda Martinez �/�
Michael McCutchon ,�
027950