HomeMy WebLinkAboutRES 1999-001 . RESOLUTION NO. 99-01
A RES{�LUTION UF THE CITY COUNCIL C}F THE CITY {�F
GRAPEVINE, TEXAS EXPRESSING INTENT TO
REIMBURSE THE GENERAL FUND FOR EXPENDITURES
MADE PRIOR TO AVAILABILITY OF FUNDS AND
PROVIDING AN EFFECTIVE DATE
WHEREAS, the City of Grapevine, Texas (the "Issuer") is a home-rule municipality
in the State of Texas authorized to issue vbligations to finance its activities pursuant ta
Rrticle 1111, et seq., Vernan's Annotated Texas Civil Statues, as amended, the interest an
which is excludable from gross income for federal incame tax purposes ("tax exempt
obliga#ions"} pursuant ta Section 103 of the Internal Revenue Code of 198fi, as amended
(the "Code"); and
WHEREAS, the Issuer will make, or has made not more than 60 days prior to the
date hereof, payments with respect ta the acquisitian, canstruction, recanstruction or
renovation of the property listed on Exhibit "A", attached hereto; and
m ~ WHEREAS, the Issuer has cancluded that it does not currently desire ta issue tax-
exempt obligatians to finance the casts assaciated with the property listed on Exhibit "A"
- attached hereto; and
WHEREAS, the Issuer desires to reimburse itself far the costs assaciated with the
property listed on Exhibit"A" attached hereto from the proceeds of#ax-exempt obligations
to be issued subsequent ta the date hereof; and
WHEREAS, the lssuer reasonably expects to issue tax-exempt obligatians to
reimburse itself for the costs associated with the property listed on Exhibit "A" attached
hereto.
. NQW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCI�. OF THE CITY
!JF GRAPEVINE, TEXAS:
Section 1. That all matters stated in the preamble are true and correct and are
incorporated into the body of this resolution as if capied in their entirety.
Sec#ian 2. The lssuer reasonably expects to reimburse itself far 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 connectian with the acquisition, construction, reconstruction ar
renovation of the property listed on Exhibit "A" attached hereto from the proceeds af tax-
exempt obligations ta be issued subsequent ta #he date hereof.
�.Yf�H�...��..iJ
_ Section 3. The Issuer 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 $9,200,000.
Section 4. That this resolution shall become effective from and after the date of
its passage.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS on this the 5th day of January, 1999.
APPROVED:
s��.�-�'
�C�aGG
William D. Tate
Mayor
ATTEST:
, ,
Lin a Huff
City Secretary
APPROVED AS TO FORM:
i' .
<�
,i '%'''� ,�-. . —'
Sta�r-�%owr�;
City �ttorn�y .
��
RES. NO. 99-01 2
EXHIBIT 'A'
� DESCRIPTION OF PROPERTY
Improvements to the City Library and Senior Citizen's Center; construction and equipping
of Fire Station No. 5; and street improvements as authorized by the Bond Election held
December 5, 1998 in the amount of approximately $9,200,000.
RES. NO. 99-01