HomeMy WebLinkAboutItem 13 - Reimbursement ResolutionMEMO TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: BRUNO RUMBELOW, CITY MANAGER
MEETING DATE: JUNE 7, 2016
SUBJECT: AUTHORIZE REIMBURSEMENT RESOLUTION EXPRESSING
INTENT TO FINANCE EXPENDITURES TO BE INCURRED
RECOMMENDATION:
City Council to consider approving a resolution expressing intent to finance expenditures
to be incurred relative to designing, developing, constructing, improving, extending, and
expanding streets, thoroughfares, sidewalks, bridges, and other public ways of the City,
including streetscaping, streetlighting, right-of-way protection, utility relocation, and
related storm drainage improvements as well as acquiring right-of-ways in connection
with a financed project.
FUNDING SOURCE:
Future sale of obligations with a reasonable expectation of maximum principal amount of
$20,000,000.
This item is placed on your agenda to allow for the expenditure of funds related to the
costs in connection with the acquisition, construction, reconstruction, or renovation of the
financed project. In simple terms, this item gives us the option to issue (likely) TIF debt
at Council's direction for public owned infrastructure expenditures related to the 185 for a
prior 60 day period and for a three-year term into the future. This resolution allows for
expenditure of funds occurring prior to the debt sale to be reimbursed from the proceeds
of the bonds.
Chief Financial Officer recommends approval.
GJ
RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS, AUTHORIZING THE
REIMBURSEMENT OF EXPENDITURES TO BE
INCURRED FROM FUTURE TAX-EXEMPT OBLIGATIONS
AND PROVIDING AN EFFECTIVE DATE
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, reconstruction or
renovation of the project listed on Exhibit "A" attached hereto (collectively, the "Financed
Project"); and
WHEREAS, the City has concluded that it does not currently desire to issue
obligations to finance the costs associated with the Financed Project; and
WHEREAS, the City desires to reimburse itself for the costs associated with the
Financed Project from the proceeds of obligations to be issued subsequent to the date
hereof; and
WHEREAS, the City reasonably expects to issue obligations to reimburse itself
for the costs associated with the Financed Project; and
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 interests 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, reconstruction or
renovation of the Financed Project from the proceeds of obligations to be issued
subsequent to the date hereof.
Section 2. 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 $20,000,000.
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 DAY OF JUNE 7, 2016
William D. Tate
Mayor
ATTEST:
Tara Brooks
City Secretary
John F. Boyle, Jr.
City Attorney
Resolution No.
Purpose/Proiect Amount
Designing, developing, constructing, improving, $20,000,000
extending, and expanding streets, thoroughfares,
sidewalks, bridges, and other public ways of the City,
including streetscaping, streetlighting, right-of-way
protection, utility relocation, and related storm drainage
improvements; and acquiring rights-of-way in connection
therewith;.
Resolution No. 3