HomeMy WebLinkAboutRES 2000-055 RESOLUTION NO. 2000-55
RESOLUTION EXPRESSING INTENT TO
FINANCE EXPENDITURES TO BE INCURRED
PERTAINING TO ISSUANCE OF
WATERWORKS AND SEWER SYSTEM REVENUE BONDS
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,THAT:
Section 1. 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 $6,350,000.
Section 2. 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.
GRA325/71007
416140 1.DOC
10/11/00:11:10 AM
ADOPTED THIS 17th day of October , 2000.
Mayor, City of Grapevine,Texas
ATTEST:
City Sec etary, City of ' '�pevine,Texas
APPROVED AS TO FORM:
By
City Attorney, City of Grapevine, Texas
Signature Page for Reimbursement Resolution
G RA325/71007
416140 I.DOC
10/11AN0:11:10 AM
EXHIBIT.. R TO �= :
pate of -..
EXHIBIT A
DESCRIPTION OF PROPERTY
Project, Fund or Item--Described by Expected Cost,
Character, Type or Purpose Quantity or Size
Acquisition of Land $ 350,000
Improvements and Extensions
to the City'sWaterworks and Sewer System 6,000,000
$6,350,000
GRA325/71001
416140 I.DOC
10/11/00:11:29 AM