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HomeMy WebLinkAboutRES 2013-040RESOLUTION NO. 2013 -40 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS, EXPRESSING INTENT TO FINANCE EXPENDITURES TO BE INCURRED AND PROVIDING AN EFFECTIVE DATE WHEREAS, the City of Grapevine, Texas (the "City ") is a political subdivision of the State of Texas authorized to finance its activities by issuing obligations; and WHEREAS, the City will make, or has made not more than 60 days prior to the date hereof, payments with respect to the purchase of seven Ford vehicles for use by the Police Department; and WHEREAS, the City has concluded that it does not currently desire to issue obligations to finance the costs associated with the purchase; and WHEREAS, the City desires to reimburse itself for the costs associated with the purchase from the proceeds of obligations to be issued subsequent to the date hereof; and WHEREAS, the City reasonably expects to issue obligations to reimburse itself for the costs associated with the purchase. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS: Section 1. That the City reasonably expects to reimburse itself for 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 purchase of seven Ford vehicles for use by the Police Department from the proceeds of obligations to be issued subsequent to the date hereof. Section 2. That the City reasonably expects that the maximum principal amount of obligations, issuance costs and the costs incurred to reimburse the City for the purchase will be $205,000.00. Section 3. That this resolution shall take effect from and after the date of its passage. PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS, on this the 16th day of April, 2013. UNNNOU"s William D. Tate Mayor ATTEST: Jodi Brown City Vecretary F-Al %1:1 0.141Tj a bF."Ns re][0919un John F. Boyle, Jr. City Attorney RES. NO. 2013-40