HomeMy WebLinkAboutRES 2023-008A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS, EXPRESSING INTENT TO
REIMBURSE CERTAIN EXPENDITURES
WHEREAS, the City of Grapevine (the "City") is a municipal corporation and
political subdivision of the State of Texas authorized to finance its activities by issuing
obligations; and
WHEREAS, the City will make, or has made not more than 60 days prior to the
date hereof, payments with respect to the acquisition, construction, rehabilitation,
reconstruction or renovation of the projects listed on Exhibit A attached hereto
(collectively, the "Financed Project"); and
WHEREAS, in certain circumstances, federal and/or state law requires that the
City express its official intent to issue obligations to reimburse itself for expenditures
paid prior to the issuance of such obligations in order for such expenditures to be
eligible for reimbursement from proceeds of such obligations; and
WHEREAS, Section 1.150-2(d)(2) of the Treasury Regulations sets forth
limitations regarding the timing of reimbursements made from the proceeds of certain
obligations.
WHEREAS, all constitutional and statutory prerequisites for the approval of this
resolution have been met, including but not limited to the Open Meetings Act; and
WHEREAS, the City Council deems the adoption of this resolution to be in the
best interest of the health, safety, and welfare of the public.
NOW, THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF GRAPEVINE, TEXAS:
Section 1. That all matters stated hereinabove are found to be true and correct
and are incorporated herein by reference as if copied in their entirety.
Section 2. The City reasonably expects to reimburse itself for 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, rehabilitation,
reconstruction or renovation of the Financed Project from the proceeds of obligations to
be issued subsequent to the date hereof.
Section 3. The City reasonably expects that the maximum principal amount of
obligations issued to reimburse the City for the costs associated with the Financed
Project will be $2,350,000. Such obligations may be issued in one or more series.
Section 4. Unless otherwise advised by bond counsel, any reimbursement
allocation will be made not later than 18 months after the later of (1) the date the original
expenditure is paid or (2) the date on which the Financed Project to which the
expenditure relates is placed in service or abandoned, but in no event more than three
years after the original expenditure is paid.
Section 5. 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 2nd Day of May, 2023.
William D.-Tate
Mayor
ATTEST: "' A
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Tara Brooks -'
City Secretary y J
APPROVED AS TO FORM:
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Matthew .G. Boyle
City Attorney
Resolution No. 2023-008 2
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DESCRIPTION OF PROJECT
Purpose/Project Amount
Renovating, constructing, improving and equipping City $2,350,000
facilities, including a new roof for the service center
Resolution No. 2023-008 3