HomeMy WebLinkAboutItem 18 - Lighted Street Signs CC ITEM #18
MEMO TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: BRUNO RUMBELOW, CITY MANAGER
MEETING DATE: MARCH 19, 2013
SUBJECT: REIMBURSEMENT RESOLUTION FOR THE ACQUISITION OF
LIGHTED STREET SIGNS
RECOMMENDATION:
Consider a reimbursement resolution expressing intent to finance expenditures to be
incurred relative to the acquisition of lighted street signs.
BACKGROUND:
This resolution allows for the reimbursement of preliminary expenses for the acquisition
of lighted street signs from future Certificates of Obligation.
March 13,2013(9:53 AM)
CC ITEM #18
RESOLUTION NO. Ll(we-b
A 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, Texas (the"City") is a political subdivision of the
State of Texas authorized to finance its activities by issuing obligations; and,
WHEREAS, the
it will make, or has made not more than 60 days priorto the date
hereof, payments with respect to the acquisition of lighted street signs; and,
WHEREAS, the City has concluded that it does not currently desire to issue
obligations to finance the costs associated with the acquisition; and
WHEREAS, the City desires to reimburse itself fort costs associated with the
acquisition from the proceeds of obligations to be issued subsequent tot date hereof,
and
WHEREAS, the City reasonably expects to issue obligations to reimburse itself for
the costs associated with the acquisition.
NOW, THEREFORE, BE IT RESOLVED BYTHE CITY COUNCIL OF THE CITY OF
GRAPEVINE, T .
Section 1. That the City reasonably expects to reimburse itself for costs that have
been or will be paid subsequent tot date that is 60 days prior to the date hereof and that
are to be paid in connection with the acquisition of lighted street signs from the proceeds of
obligations to be issued subsequent to the date hereof.
Section 2. That the City reasonably expects that the maximum principal amount
of obligations, issuance costs and the costs incurred to reimburse the City for the
acquisition will be $200,000.00.
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 1 9th day of March, 2013.
CC ITEM #18
APPROVED:
FORM:ATTEST-
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