HomeMy WebLinkAboutRES 2020-007 RESOLUTION NO. 2020-007
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
COUNCIL OF GRAPEVINE, TEXAS, AUTHORIZING THE
REIMBURSEMENT OF EXPENDITURES TO BE
INCURRED FROM FUTURE CERTIFICATE OF
OBLIGATIONS 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 Projects"); 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 Projects; 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. 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 design, engineering, acquisition,
construction, reconstruction or renovation of the Financed Projects 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
Projects will be $4,900,000. �
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 21st Day of April, 2020.
APPROVED:
William D. Tate
Mayor
ATTEST:
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Tara Brooks
City Secretary �1��� , y
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APPROVED AS TO FORM:
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City Attorney
Resolution No. 2020-007 2
EXHIBIT "A"
DESCRIPTION OF PROJECT
Purpose/Project Amount
Designing, engineering, constructing, reconstructing and $4,900,000
renovating streets, roadways and projects as required in the
City.
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Resolution No. 2020-007 3