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R-1997-14
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R-1997-14
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11/2/2016 3:48:37 PM
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Legislative Records
Legislative Type
Resolution
Legislative No.
R-1997-14
Date
11/24/1997
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<br />. <br /> <br />RESOLUTION NO. 97- 14' <br /> <br />OR' h , f\I A L <br /> <br />RESOLUTION DECLARING INTENETION TO REIMBURSE CERTAIN EXPENDITURES WITH <br />BORROWING PROCEEDS <br /> <br />WHEREAS, the City of La Porte, Texas (the "Issuer") desires to pay expenditures in connection with the <br />design, planning, acquisition, construction, equipping, and/or renovating the project or facilities described as <br />the FIOI Drainuge Project (the project). <br /> <br />WHEREAS, Article 717k-6, Vernon's Texas Civil Statutes, as amended ("Article 717k-6") permits the Issuer <br />to use the proceeds of obligations to reimburse the Issuer for costs attributable to the Project paid or incurred <br />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 payment of <br />such expenditures will be appropriate and consistent with the objectives of the Issuer's programs and, as such, <br />chooses to declare its intention, in accordance with the provisions of Section 1.150-2 of the Treasury <br />Regulations, to reimburse itself for such payments at such time as it issuers obligations to finance the Project. <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LA PORTE, <br />TEXAS TH AT: <br /> <br />Section I. This Resolution declared the intention of the Issuer to reimburse the expenditures for the <br />Project with the proceeds of obligation. The Issuer presently intends to reimburse the expenditure by <br />incurring obligations issued under Texas law the interest on which is excludable from gross income under <br />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 serial; of obligations, in an <br />aggregate maximum principal amount now estimated to be equal to $2,000,000.00 for the purpose of paying <br />the costs of the Project. . <br /> <br />Section 3. The Issuer intends to reimburse the expenditures hereunder not later than 18 months after the <br />date the original expenditure is paid or the date the Project is placed in servil:e or abandoned, but in no event <br />more than three years after the original expenditure is paid unless the Project is a construction project for <br />which the Issuer and a licensed architect or engineer have certitied that at least tive years are necessary to <br />complete the Project in which event the maximum reimbursement period is tive years after the date of the <br />original expenditure. <br /> <br />Section 4. The Issuer intends that this Resolution satisfy the official intent requirement set forth in <br />Section 1.150-2 of the Treasury Regulations and evidences its intentions under Article 7171 k-6. <br /> <br />Section 5. This Resolution shall be liberally construed to evidence the intent of the Issuer to comply with <br />state law and federal income tax law in the issuance of tax-exempt obligations for the Project. <br /> <br />PASSED AND APPROVED this the 241h day of November, 1997 <br /> <br />ATTEST: .J1 <br /> <br />L~?l~~eP~;ty S~~ <br /> <br /> <br />Knox. W. Askins, City Attorney <br />
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