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HomeMy WebLinkAboutRES 2000-053 RESOLUTION NO. 2000-53 RESOLUTION EXPRESSING INTENT TO FINANCE EXPENDITURES TO BE INCURRED PERTAINING TO ISSUANCE OF COMBINATION TAX REVENUE CERTIFICATES OF OBLIGATION, SERIES 2000A 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$7,805,000. 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. GRA325/71003 415913 2.DOC 10/17/00 11:19 AM ADOPTED THIS 17thday of October , 2000. Mayor, City of Grapevine,Texas ATTEST: City Sec etary, City(': 7‘Grdlne,Texas APPROVED AS TO FORM: City Attorney, City of Grapevine,Texas Signature Page for Reimbursement Resolution GRA325/71003 415913 2 DOC 10/17/0011:19 AM EXHIBIT n , TO ___ Page EXHIBIT A DESCRIPTION OF PROPERTY Project, Fund or Item--Described by Expected Cost, Character,Type or Purpose Quantity or Size Storm Drainage $4,205,000 Equipment Acquisition 2,350,000 Main Street 1,000,000 Parking Garage 250,000 $7,805,000 GRA325/71003 415913 2.DOC 10/17/00 11:19 AM MINUTES AND CERTIFICATION PERTAINING TO PASSAGE OF A RESOLUTION STATE OF TEXAS § COUNTY OF TARRANT § CITY OF ARLINGTON § On the 17th day of October,2000,the City Council of the City of Grapevine,Texas,convened at 7:30 p.m.,in a regular meeting at the regular meeting place thereof,the meeting being open to the public and notice of said meeting,giving the date, place and subject thereof, having been posted as prescribed by Chapter 551,Texas Government Code,as amended;and the roll was called of the duly constituted officers and members of the City Council,which officers and members are as follows: William D.Tate, Mayor C. Shane Wilbanks ) Ted R.Ware, Mayor Pro Tern Sharron Spencer ) Members of Clydene Johnson ) the Council Darlene Freed ) Roy Stewart ) and all of said persons were present except C — ,thus constituting a quorum. Whereupon,among other business,a written resolution bearing the following caption was introduced: RESOLUTION EXPRESSING INTENT TO FINANCE EXPENDITURES TO BE INCURRED PERTAINING TO ISSUANCE OF GENERAL OBLIGATION BONDS The Resolution,a full,true and correct copy of which is attached hereto,was read and reviewed by the City Council. Thereupon,it was duly moved and seconded that the Resolution be finally passed and adopted. The Presiding Officer put the motion to a vote of the members of the City Council, and the Resolution was finally passed and adopted by the following vote: AYES: NAYS: 0 ABSTENTIONS: 0 gra325171004 ::O D M A\M N O D M A\D a I I a s;418034:1 10/17/00:11:32AM MINUTES APPROVED AND CERTIFIED TO BE TRUE AND CORRECT, and to correctly reflect the duly constituted officers and members of the City Council of said City, and the attached and following copy of said Resolution is hereby certified to be a true and correct copy of an official copy thereof on file among the official records of the City,all on this the 17th day of October, 2000. XL/44' City Secre City of Grapevine,Texas [SEAL] \to\ s,' CRAP j 1 ' u) ' �1l1� GV Signature Page for Minutes and Certification for Reimbursement Resolution