HomeMy WebLinkAboutRES 2012-104 RESOLUTION NO. 2012-104
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 acquisition of 94 electric golf carts and two
gas golf carts as specified by Lake Enterprise (Grapevine Golf Course); and
WHEREAS, the City has concluded that it does not currently desire to issue
obligations to finance the costs associated with the acquisition; and
WHEREAS, the City desires to reimburse itself for the costs associated with the
acquisition 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 acquisition.
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 of new golf carts as specified
by the Grapevine Golf Course 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 acquisition
will be $300,000.00.
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 18th day of December 2012.
APPROVED:
William D. Tate
Mayor
ATTEST:
Illet 20
JogC. Brown
City Secretary
APPROVED AS TO FORM:
John F. Boyle, Jr.
City Attorney
RES. NO. 2012-104 2