HomeMy WebLinkAboutRES 1996-017 ��
RESOLUTION N0. 96-17
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
�T�' GRAPEVINE, TEXAS EXPRESSING INTENT TO REIMBURSE
GENERAL OPERATING FUND FOR EXPENDITURES MADE
PRIOR TO AVAILABILITY OF FUNDS AND PROVIDING AN
EFFECTIVE DATE
WHEREAS, the City of Grapevine, Texas (the "Issuer") is a duly organized and
existing home-rule municipality in the State of Texas authorized to issue obligations
to finance its public improvements pursuant to the Constitution and laws of the State
of Texas, the interest on which is excludable from gross income for federal income
tax purposes ("tax exempt obligations") pursuant to Section 103 of the Internal
Revenue Code of 1986, 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 to the acquisition, construction,
reconstruction or renovation of the property listed on Exhibit "A", attached hereto;
and
"� � WHEREAS, the Issuer has concluded that it does not currently desire to issue
tax-exempt obligations to finance the costs associated with the property listed on
"� Exhibit "A" attached hereto; and
WHEREAS, the Issuer desires to reimburse itself for the costs associated with
the property listed on Exhibit "A" attached hereto from the proceeds of tax-exempt
obligations to be issued subsequent to the date hereof; and
WHEREAS, the Issuer reasonably expects to issue tax-exempt obligations to
reimburse itself for the costs associated with the property listed on Exhibit "A"
attached hereto.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS:
Section 1 . That all �natters stated in the preamble are true and correct and are
incorporated into the body of this resolution as if copied in their entirety.
Section 2. The Issuer reasonably expects to reimburse itself for 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 connection with the acquisition, construction,
reconstruction or renovation of the property listed on Exhibit "A" attached hereto from
the proceeds of tax-exempt obligations to be issued subsequent to the date hereof.
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 527,500,000.
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 4th day of ,1une , 1996.
APPROVED:
William D. Tate
Mayor
ATTEST:
�_ , .. � � ���.
Lin ff �
City Secretary
APPROVED AS TO FORM:
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`�-�--�-._.._. , �'��'-��_
John F. Boyle, Jr.
City Attorney
RES. N0. 96-17 2
• TO RESOLUTION NO. 96-17
EXHIBIT A
��
DESCRIPTION OF PROPERTY
�
�� Purpose
General Operating Fund Costs related to pipeline relocation; site
preparation, grading and paving; sewer, water
and storm sewer and lighting improvements;
street construction and improvements,
landscaping and land acquisition in the area of
the City of Grapevine, Texas Tax Increment
Financing Reinvestment Zone No. 1
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