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HomeMy WebLinkAboutRES 2007-016 RESOLUTION NO. 2007-16 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 "Issuer") is a home rule city authorized to finance its activities by issuing obligations 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. 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 2. The Issuer reasonably expects that the maximum principal amount of tax-exempt obligations issued to reimburse the Issuer for the costs associated with the property listed on Exhibit "A" attached hereto will not exceed $2,170,000. PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS on this the 20th day of March, 2007. APPROVED: William D. Tate Mayor ATTEST: c7frfi_ii e_,. Linda Huff City Secretary APPROVED AS TO FORM: John F. Boyle, Jr. City Attorney RES. NO. 2007-16 2 EXHIBIT "A" TO RES. 2007-16 Page 1 of 1 DESCRIPTION OF PROPERTY Description Amount 630 Main Street Property and Improvements $1,700,000 206 Hudgins Street Property and Improvements 470,000 Total $2,170,000