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HomeMy WebLinkAboutRES 2012-103 RESOLUTION NO. 2012-103 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS, EXPRESSING INTENT TO FINANCE EXPENDITURES TO BE INCURRED AND PROVIDING AN EFFECTIVE DATE WHEREAS, the City of Grapevine, Texas (the "City") is a 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 design, acquisition, construction, reconstruction, expansion or renovation of the Grapevine Community Activities Center (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 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 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. That 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 $2,865,000.00. 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 the 18th day of December, 2012. APPROVED: r William D. Tate Mayor ATTEST: 4,, Agg, Jo' C. Brown Cit Secretary APPROVED AS TO FORM: John F. Boyle, J . City Attorney RES. NO. 2012-103 2