HomeMy WebLinkAboutRES 2000-029 RESOLUTION NO. 2000-29
RESOLUTION EXPRESSING INTENT TO
FINANCE EXPENDITURES TO BE INCURRED
PERTAINING TO ISSUANCE OF
COMBINATION TAX AND TAX INCREMENT REINVESTMENT
ZONE REVENUE CERTIFICATES OF OBLIGATION,
SERIES 2000
WHEREAS, the City of Grapevine (the "City") is a political subdivision of the State
of Texas, authorized to issue obligations to finance its activities pursuant to the
Constitution of the State of Texas and the Home Rule Charter of the City, 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 City is contemplating the acquisition, construction, reconstruction
or renovation of certain property; and
WHEREAS, the City has concluded that it does not currently desire to incur debt
to finance the costs it is about to pay; and
WHEREAS, the City desires to reimburse itself for the costs it is about to pay from
the proceeds of obligations to be issued subsequent to the payment of such costs; and
WHEREAS, the City has no other funds that are, or are reasonably expected to be,
reserved, allocated on a long term basis or otherwise set aside for purposes of paying the
costs the City expects to incur;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS, THAT:
Section 1. The City reasonably expects to reimburse itself for all costs 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 debt to be incurred
subsequent to the payment of all or a portion of such costs. The City reasonably expects
that the maximum principal amount of such debt used to reimburse the City for such
costs will not exceed $5,000,000.
Section 2. This resolution is intended to serve as a declaration of official intent
within the meaning of Section 1.103-18 of the Treasury Regulations and the City hereby
directs this Resolution to be made a part of its books and records that are available for
inspection by the general public.
ADOPTED THIS 16th day of May, 2000.
Mayor, City of Grapevine, Texas
ATTEST:
City S cretary, ity frapevine, Texas
APPROVED AS TO FORM:
By
City Attorney, City of Grapevine, Texas
GRA325/71001
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EXHIBIT.. To 20
Page of
EXHIBIT A
DESCRIPTION OF PROPERTY
Project, Fund or Item--Described by Expected Cost,
Character, Type or Purpose Quantity or Size
Street Improvements Within $2,500,000
Reinvestment Zone Number
Two
Water and Sewer System $2,500,000
Improvements Within
Reinvestment Zone Number
Two
GRA325/71001
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