HomeMy WebLinkAboutRES 1997-053 � • RESOLUTION 97-5�
�� RESOt�UT14N EXPRESSING INTENT TU FINANCE
EXPENDlTURES TO BE lNCURRED FC1R EQUIPMENT
PURCNASES AND PRELIMINARY C4STS ON THE STORM
DRAINRGE UTIL(TY SYSTEM AND PROVIDING AN
EFFECTIVE DATE
Whereas, the City af Grapevine, Texas {the "Issuer"} is a hame ruie city authorized
to issue obligatians to finance its activities pursuant to the Constitutian and the laws of the
. �tate of Texas, the interest on which is exeludable from gross income far federal income
tax purposes ("tax-exempt obligations") pursuant to Section 1 q3 of the Internal Revenue
Code of 198G, as amended {the "Code"}; and
WHEREAS, the Issuer will make, or has made not more than fi0 days priar ta the
date hereaf, payments with respect to the acquisition, construction, reconstruction or
renovation of the property listed an Exhibit "A" attached hereto; and
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WHEREAS, the Issuer has concluded that it does nat currently desire ta issue tax-
exempt obligations to finance the costs associated with the praperty listed on Exhibit "A"
attached hereto; and
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WHEREAS, the Issuer desires to reimburse itself for the costs associated with the
properky listed pn Exhibit "A" attached hereto fram the proceeds of tax-exempt obligations
to be issued subsequent to the date hereof; and
WHEREAS, the Issuer reasonably expects to issue tax-exempt obligatians to
reimburse itself for #he cost associated with the property listed on Exhibit "A" attached
hereto.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
(JF GRAPEVINE THAT:
Section 1. The Issuer reasonably expec#s to reimburse itself for a11 costs that have
been or will be paid subsequent to the date that is 60 days prior to the date hereof and that
are#o be paid in connection with the acquisition, cans#ruction, recanstruction or renova#ian
of the property listed on Exhibit "A" attached hereto from the process of tax-exempt
obligations to be issued subsequent ta the date hereof.
�`'a� Seetion 2. The Issuer reasonably expects that the maximum principal amount of
tax-exempt obligations issued to reimburse the Issuer for the costs assaciated with the
property listed on Exhibit "A" attached hereto will nat exceed $2,900,000.
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 18th day of November , 1997.
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APPROVED:
William D. Tate
Mayor
ATTEST:
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Jo i . Brown
A s' tant City Secretary
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'� " APPROVED AS TO FORM
John F. Boyle, Jr.
City Attorney
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RES. NO. 9�-53 2
RES. NO. 97-53
� � EXHIBIT A
PAGE 1 of 1
DESCRIPTION OF PROPERTY
Project, Fund or Item - Described by Expected Cost,
Character. Type or Purpose Quantity or Size
Expansion of and improvements to, and the acquisition $1,000,000
of equipment for, the City's Municipal Utility Drainage
System.
Acquisition of Equipment and Vehicles for the $1,900,000
City's general operations.
Total $2,900,000
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RES. NO. 97-53 3