HomeMy WebLinkAboutRES 2000-054 RESOLUTION NO. 2000-511
RESOLUTION EXPRESSING IN'T'ENT TO
FINANCE EXPENDITURES TO BE INCURRED
PERTAINING TO ISSUANCE OF
GENERAL OBLIGATION BONDS
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 $6,995,000.
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.
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ADOPTED THIS 17th day of October , 2000.
Mayor, City of Grapevine, Texas
ATTEST:
City S- retary, City of ir pevine,Texas
APPROVED AS TO FORM:
By
City Attorney, City of Grapevine, Texas
Signature Page for Reimbursement Resolution
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EXHIBIT I TO ` 4dz`Ti" �
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EXHIBIT A
DESCRIPTION OF PROPERTY
Project, Fund or Item--Described by Expected Cost,
Character, Type or Purpose Quantity or Size
Street and Drainage Improvements $3,100,000
Library Expansion 2,830,000
Park and Trail Development 1,013,000
$6,995,000
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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 Tem Sharron Spencer ) Members of
Clydene Johnson ) the Council
Darlene Freed )
Roy Stewart )
and all of said persons were present except -- ,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
WATERWORKS AND SEWER SYSTEM REVENUE 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: 7
NAYS: (0
ABSTENTIONS: 0
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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.
City ecr
City of Grapevine,Texas
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Signature Page for Minutes and Certification for Reimbursement Resolution