Loading...
HomeMy WebLinkAboutRES 1998-029 RESOLUTION NO. 98-29 "� A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS EXPRESSING INTENT TO REIMBURSE LAKE ENTERPRISE FUND FOR EXPENDITURES MADE PRIOR TO AVAILABILITY OF FUNDS AND PROVIDING AN EFFECTIVE DATE WHEREAS, the City of Grapevine, Texas (the "Issuer") is a home-rule municipality in the State of Texas authorized to issue obligations to finance its activities pursuant to Article 1111, et seq., Vernon's Annotated Texas Civil Statues, as amended, the interest on which is excludable from gross income for federal income tax purposes ("tax exempt obligations") pursuant to Section 103 of the Internal Revenue Code of 1986, as amended (the "Code"); and WHEREAS, the Issuer will make, or has made not more than 60 days prior to the date hereof, payments with respect to the acquisition, construction, reconstruction or renovation of the property listed on Exhibit "A", attached hereto; and —� WHEREAS, the Issuer has concluded that it does not currently desire to issue tax- exempt obligations to finance the costs associated with the property listed on Exhibit "A" ��.� attached hereto; and WHEREAS, the Issuer desires to reimburse itself for the costs associated with the property listed on Exhibit "A" attached hereto from the proceeds of tax-exempt obligations to be issued subsequent to the date hereof; and WHEREAS, the Issuer reasonably expects to issue tax-exempt obligations to reimburse itself for the costs associated with the property listed on Exhibit "A" attached hereto. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS: Section 1. That all matters stated in the preamble are true and correct and are incorporated into the body of this resolution as if copied in their entirety. Section 2. The Issuer reasonably expects to reimburse itself for all costs that have "��`�" been or will be paid subsequent to the date that is 60 days prior to the date hereof and that are to be paid in connection with the acquisition, construction, reconstruction or renovation of the property listed on Exhibit "A" attached hereto from the proceeds of tax-exempt obligations to be issued subsequent to the date hereof. ,_ . Section 3. The Issuer reasonably expects that the maximum principal amount o tax-exempt obligations issued to reimburse the Issuer for the costs associated with the property listed on Exhibit "A" attached hereto will not exceed $5,800,000.00. Section 4. That this resolution shall become effective from and after the date of its passage. PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS on this the 19th day of N1ay , 1998. APPROVED: William . Tate Mayor � - ATTEST: � � �`�l-�.�.�--.- J c�A Brown �„ysistant City Secretary APPROVED AS TO FORM: _ - � --�- John F. Boyle, Jr. City Attorney RES. NO. 98-29 2 EXHIBIT 'A' ;�, .,� DESCRIPTION OF PROPERTY Expansion and improvements to City's golf course and related facilities in the amount of approximately $5,800,000.00. �XHIBIT 1....- �s0 k 9 I�a��e �.---� of �::.,