HomeMy WebLinkAboutItem 12 - Reimbursement Resolution(!C, ITEM # is
MEMO TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: BRUNO RUMBELOW, CITY MANAGER
MEETING DATE: DECEMBER 18, 2012
SUBJECT: REIMBURSEMENT RESOLUTION FOR COMMUNITY
ACTIVITIES CENTER RENOVATION AND NEW
CONSTRUCTION DESIGN CONTRACT
RECOMMENDATION:
Consider a reimbursement resolution expressing intent to finance expenditures to be
incurred relative to the Community Activities Center expansion and related Central Plant
design contract.
BACKGROUND:
This resolution allows for the reimbursement of preliminary expenses for the Community
Activities Center renovation and new construction from future General Obligation bonds.
Aril
December 13, 2012 (8:35AM)
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NOS
RESOLUTION NO.
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 design, acquisition, construction,
reconstruction, expansion or renovation of the Grapevine Community Activities Center
(the "Financed Project "); and
WHEREAS, the City has concluded that it does not currently desire to issue
obligations to finance the costs associated with the Financed Project; and
WHEREAS, the City desires to reimburse itself for the costs associated with the
Financed Project 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 Financed Project
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 acquisition, construction, reconstruction or
renovation of the Financed Project 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 issued to reimburse the City for the costs associated with the
Financed Project will be $2,865,000.00.
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 18th day of December, 2012.
APPROVED:
ATTEST:
APPROVED AS TO FORM: