HomeMy WebLinkAboutItem 07 - Intent to Finance ExpendituresResolution expressing intent to finance expenditures to be incurred and providng and effective date
RESOLUTION NO.
' RESOLUTION OF • OF THE CITY
OF ►. TEXAS, EXPRESSING TO
FINANCE • BE INCURRED
ACQUISITION OF STREET IMPROVEMENTS
INCLUDING GLADEROAD AND PROVIDING A
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
i• s ! pursuant to Section 103of _ Internal Revenue Code of 98 as
lam• ii•
WHEREAS, the Issuer will make, or has made not more than 60 days prior to the
date hereof,payments with respectto the acquisition,! •n, 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,
Issuer reasonably expectsi issue tax-exempt• i !
hereto,reimburse itself for the costs associated with the property listed on Exhibit "A" attached
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF GRAPEVINE, TEXAS:
renovationSection 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
of the property listed on Exhibit Aattached hereto from the proceedsof a,x
obligations t• be issued subsequent to the date hereof.
Section -r 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 $5,248,000.00.
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 4th day of April, 2006.
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RES. O. 2
a
Description Amount
Street Improvements, including Glade Road $5,248,000
RES. NO.