Laserfiche WebLink
<br />. <br /> <br />RESOLUTION NO. 99-i 2 <br /> <br />. <br /> <br />RESOLUTION DECLARING INTENTION TO REIMBURSE CERTAIN EXPENDTIURES WITH <br />BORROWING PROCEEDS <br /> <br />WHEREAS, the City of La Porte, Texas (the "Issuer") desires to pay expenditures in connection with <br />the design, planning, acquisition, construction, equipping, and/or renovating the project or facility <br />described as the City Hall Addition (known as the Project). <br /> <br />WHEREAS, Article 717k-6, Vernon's Texas Civil Statutes, as amended ("Article 717k-6") permits the <br />Issuer to use the proceeds of obligations to reimburse the Issuer for costs attributable to the Project <br />paid or incurred before the date of issuance of such obligations; and <br /> <br />WHEREAS, the Issuer finds, considers, and declares that the reimbursement of the Issuer for the <br />payment of such expenditures will be appropriate and consistent with the objectives of the Issuer's <br />programs and, as such, chooses to declare its intention, in accordance with the provisions 'of Section <br />1.150-2 of the Treasury Regulations, to reimburse itself for such payments at such time as it issuers <br />obligations to finance the Project. <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNOL OF THE CITY OF LA PORTE, TEXAS <br />THAT: <br /> <br />Section 1. This Resolution declared the intention of the Issuer to reimburse the expenditures for <br />the Project with the proceeds of obligation. The Issuer presently intends to reimburse the <br />expenditure by incurring obligations issued under Texas law the interest on which is excludable from <br />gross income under section 103 of the Internal Revenue Code of 1986, as amended. <br /> <br />Section 2. The Issuer reasonably expects to incur debt, in one or more series of obligations, in an <br />aggregate maximum principal amount now estimated to be equal to $1,500,000 for the purpose of <br />paying the costs of the Project. <br /> <br />Section 3. The Issuer intends to reimburse the expenditures hereunder not later than 18 months <br />after the date the original expenditure is paid or the date the Project are placed in service or <br />abandoned, but in no event more than three years after the original expenditure is paid unless the <br />Project are a construction project for which the Issuer and a licensed architect or engineer have <br />certified that at least five years are necessary to complete the Project in which event the maximum <br />reimbursement period is five years after the date of the original expenditure. <br /> <br />Section 4. The Issuer intends that this Resolution satisfy the official intent requirement set forth <br />in Section 1.150-2 of the Treasury Regulations and evidences its intentions under Article 7171k-6. <br /> <br />Section 5. This Resolution shall be liberally construed to evidence the intent of the Issuer to comply <br />with state law and federal income tax law in the issuance of tax-exempt obligations for the Project. <br /> <br />PASSED AND APPROVED this the 26th day of April, 1999 <br /> <br />ATIEST: <br />1!!1()Pf,L 0 .rJ/~(AiI <br />Mart a A. Gillett, clty Secretary <br /> <br />~ LA PORTE, TEXAS <br />~- <br /> <br />No an L. Malone, Mayor <br />...,...., <br /> <br />~ <br /> <br /> <br /> <br />. .tc ,~~ <br />Knox. W. Askins, City Attorney <br />