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HomeMy WebLinkAboutRES 2000-055 RESOLUTION NO. 2000-55 RESOLUTION EXPRESSING INTENT TO FINANCE EXPENDITURES TO BE INCURRED PERTAINING TO ISSUANCE OF WATERWORKS AND SEWER SYSTEM REVENUE 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 $6,350,000. 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. GRA325/71007 416140 1.DOC 10/11/00:11:10 AM ADOPTED THIS 17th day of October , 2000. Mayor, City of Grapevine,Texas ATTEST: City Sec etary, City of ' '�pevine,Texas APPROVED AS TO FORM: By City Attorney, City of Grapevine, Texas Signature Page for Reimbursement Resolution G RA325/71007 416140 I.DOC 10/11AN0:11:10 AM EXHIBIT.. R TO �= : pate of -.. EXHIBIT A DESCRIPTION OF PROPERTY Project, Fund or Item--Described by Expected Cost, Character, Type or Purpose Quantity or Size Acquisition of Land $ 350,000 Improvements and Extensions to the City'sWaterworks and Sewer System 6,000,000 $6,350,000 GRA325/71001 416140 I.DOC 10/11/00:11:29 AM