HomeMy WebLinkAboutRES 2005-056 RESOLUTION NO. 2005-56
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS, EXPRESSING INTENT TO FINANCE
EXPENDITURES TO BE INCURRED FOR ACQUISITION
OF VEHICLES, EQUIPMENT AND STREET
IMPROVEMENTS 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 $3,700,000.00.
EXHIBIT-11— TO Qe5.2.005-51
Page _._L.._ of
EXHIBIT A
DESCRIPTION OF PROPERTY
Description Amount
Equipment and vehicle $2,900,000
acquisitions, including computer
equipment, golf course equipment,
radio equipment, fitness
equipment, street maintenance
equipment and fleet vehicles for
City Administration, Public Works,
Police, Fire, Parks Departments
and the Convention and Visitors
Bureau
Street Improvements $800,000
TOTAL $3,700,000
RES. NO. 2005-56 3
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 15th day of November, 2005.
APPROVED:
\_,a p . .\,-,_
Ted R. Ware
Mayor Pro Tem
ATTEST:
Li c301-4
uff I
City Secretary
APPROVED AS TO FORM:
John F. Boyle, Jr.
City Attorney
RES. NO. 2005-56 2