HomeMy WebLinkAboutItem 06 - Public Safety Radio System Financing ENA �.�.
MEMO TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
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FROM: BRUNO RUMBELOW, CITY MANAGER%
MEETING DATE: JUNE 5, 2012
SUBJECT: RESOLUTION EXPRESSING INTENT TO FINANCE
EXPENDITURES TO BE INCURRED AND PROVIDING AN
EFFECTIVE DATE
RECOMMENDATION:
City Council to consider approving a resolution expressing intent to finance expenditures to
be incurred and providing an effective date.
FUNDING SOURCE:
Proceeds of debt obligations to be issued.
BACKGROUND:
This item is placed on your agenda to allow for the expenditure of funds related to the
acquisition of radio infrastructure and subscriber equipment from Motorola Solutions,
Inc. This resolution allows for the expenditure of funds occurring prior to the issuance
of debt obligations.
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 acquisition of radio infrastructure and subscriber equipment
from the proceeds of obligations to be issued subsequent to the date hereof.
Staff recommends approval.
RESOLUTION NO.
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 City will make, or has made not more than 60 days prior to the
date hereof, payments with respect to the acquisition, construction, reconstruction or
renovation of the projects listed on Exhibit "A" attached hereto (the "Financed Project");
and
WHEREAS, the City has concluded that it does not currently desire to issue
obligations to finance the costs associated with the Financed Project; and
WHEREAS, the City desires to reimburse itself for the costs associated with the
Financed Project from the proceeds of obligations to be issued subsequent to the date
hereof; and
WHEREAS, the City reasonably expects to issue obligations to reimburse itself
for the costs associated with the Financed Project.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF GRAPEVINE, TEXAS:
Section 1. That 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 acquisition, construction, reconstruction or
renovation of the Financed Project 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 issued to reimburse the City for the costs associated with the
Financed Project is not to exceed $1,351,251.00.
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 5th day of June, 2012.
APPROVED:
ATTEST:
APPROVED AS TO FORM:
RES. NO.
EXHIBIT A
DESCRIPTION OF PROPERTY
Description Amount
Radio infrastructure and subscriber $1,351,259.00
equipment