HomeMy WebLinkAboutRES 2023-022RESOLUTION NO. 2023-022
A REIMBURSEMENT RESOLUTION OF THE CITY
COUNCIL OF THE CITY OF GRAPEVINE, TEXAS,
EXPRESSING INTENT TO FINANCE EXPENDITURES TO
BE INCURRED; AND PROVIDING AN EFFECTIVE DATE
WHEREAS, the City of Grapevine (the "City") is a municipal corporation and
political subdivision of the State of Texas authorized to finance its activities by issuing
obligations; and
WHEREAS, the City will make, or has made not more than 60 days prior to the
date hereof, payments with respect to the design, engineering, acquisition, construction,
reconstruction or renovation of the projects listed on "Exhibit A" attached hereto
(collectively, the "Financed Project"); and
WHEREAS, in certain circumstances, federal and/or state law requires that the
City express its official intent to issue obligations to reimburse itself for expenditures
paid prior to the issuance of such obligations in order for such expenditures to be
eligible for reimbursement from proceeds of such obligations; and
WHEREAS, Section 1.150-2(d)(2) of the Treasury Regulations sets forth
limitations regarding the timing of reimbursements made from the proceeds of certain
obligations; and
WHEREAS, all constitutional and statutory prerequisites for the approval of this
resolution have been met, including but not limited to the Open Meetings Act; and
WHEREAS, the City Council deems the adoption of this resolution to be in the
best interest of the health, safety, and welfare of the public.
NOW, THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF GRAPEVINE, TEXAS:
Section 1. That all matters stated hereinabove are found to be true and correct
and are incorporated herein by reference as if copied in their entirety.
Section 2. The City reasonably expects to reimburse itself for 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 design, engineering, acquisition, construction,
reconstruction or renovation of the Financed Project from the proceeds of obligations to
be issued subsequent to the date hereof.
Section 3. The City reasonably expects that the maximum principal amount of
obligations issued to reimburse the City for the costs associated with the Financed
Project will be $10,000,000.
Section 4. Unless otherwise advised by bond counsel, any reimbursement
allocation will be made not later than 18 months after the later of (1) the date the original
expenditure is paid or (2) the date on which the Financed Project to which the
expenditure relates is placed in service or abandoned, but in no event more than three
years after the original expenditure is paid.
Section 5. 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 21 st day of November, 2023.
William D. Tate
'Mayor
ATTEST: a®c
Ut
Tara Brooks
City Secretary
APPROVED AS TO FORM:
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Matt ew C.G. Boyle
City Attorney
Resolution No. 2023-022 2
EXHIBIT A
DESCRIPTION OF FINANCED PROJECT
Purpose/Project
Constructing, reconstructing, improving, repairing,
developing, extending and expanding streets,
thoroughfares, bridges, interchanges, intersections, grade
separations, sidewalks and other public ways of the City,
including related streetscape improvements, public utility
improvements, storm drainage facilities and
improvements, signalization and other traffic controls,
street lighting, and the acquisition of land therefor
Acquiring software and technology equipment for City
purposes
Constructing, reconstructing, improving, repairing,
extending and expanding property and facilities for storm
drainage and flood control purposes
Acquiring vehicles and equipment for City departments
Constructing, improving, and expanding the City's water
and wastewater system, including the water treatment
plant
Constructing, renovating, improving and equipping City
facilities, including the service center
Resolution No. 2023-022 3
Amount