HomeMy WebLinkAboutRES 2000-014 RESOLUTION NO. 2000-14
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS EXPRESSING INTENT TO FINANCE
EXPENDITURES TO BE INCURRED PERTAINING TO
ISSUANCE OFGENERAL OBLIGATION BONDS AND
PROVIDING AN EFFECTIVE DATE
WHEREAS, the City of Grapevine (the City) is a political subdivision of the State of
Texas, authorized to issue obligations to finance its activities pursuant to the Constitution
of the State of Texas and the Home Rule Charter of the City, 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 City is contemplating the acquisition, construction, reconstruction
or renovation of certain property; and
WHEREAS, the City has concluded that it does not currently desire to incur debt to
finance the costs it is about to pay; and
WHEREAS, the City desires to reimburse itself for the costs it is about to pay from
the proceeds of obligations to be issued subsequent to the payment of such costs; and
WHEREAS, the City has no other funds that are, or are reasonably expected to be,
reserved, allocated on a long term basis or otherwise set aside for purposes of paying the
costs the City expects to incur;
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 all costs 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 debt to be incurred
subsequent to the payment of all or a portion of such costs. The City reasonably expects
that the maximum principal amount of such debt used to reimburse the City for such costs
will not exceed $7,665,000.
Section 2. That this resolution is intended to serve as a declaration of official
intent within the meaning of Section 1.103-18 of the Treasury Regulations and the City
hereby directs this Resolution to be made a part of its books and records that are available
for inspection by the general public.
Section 3. 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 15th day of February, 2000.
William D. Tate
Mayor, City of Grapevine, Texas
ATTEST:
Lind Huff YellY
City Secretary, City of Grapevine, Texas
APPROVED AS TO FORM:
John Boyle
City Attorney, City of Grapevine, Texas
Res. No. 2000-14 2
GRA325/71001
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EXHIBIT TO 44-ataiLL-d
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EXHIBIT A
DESCRIPTION OF PROPERTY
Project, Fund or Item--Described by Expected Cost,
Character, Type or Purpose Quantity or Size
Street and Drainage Improvements $4,515,000
Library Expansion 2,900,000
Park and Trail Development 250,000
$7,665,000
GRA325/71001
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