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<br />. <br /> <br />RESOLUTION NO. 97-07 <br /> <br />. <br /> <br />ORIGINAL <br /> <br />RESOLUTION DECLARING INTENTION TO REIMBURSE CERTAIN EXPENDITURES <br />WITH BORROWING PROCEEDS <br /> <br />WHEREAS, the City of La Porte, Texas (the ulssuer") desires to pay expenditures in connection with the <br />design, planning, acquisition, construction, equipping, and/or renovating the project or facilities described <br />as the Sanitary Sewer Trank Main and Lift Station Facilities to Southeast La Porte project (the <br />Project). <br /> <br />WHEREAS, Article 717k-6, Vemon's Texas Civil Statutes, as amended rArticle 717k-6j, permits the <br />Issuer to use the proceeds of obligations to reimburse the Issuer for costs attributable to the Project paid <br />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 issues <br />obligations to finance the Project. <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LA PORTE, TEXAS <br />THAT: <br /> <br />Section 1. This Resolution declares the intention of the Issuer to reimburse the expenditures for the <br />Project with the proceeds of obligations. 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 Intemal 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 $4,250,000 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 service or abandoned, but in no <br />event more than three years after the original expenditure is paid unless the Project is a construction <br />project for which the Issuer and a licensed architect or engineer have certified that at least five years are <br />necessary to complete the Project in which event the maximum reimbursement period is fIVe years after <br />the date of the 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 717k-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 />_0 - A4ilJu;/ <br />it Secretary <br /> <br />PASSED AND APPROVED this the 8th day of September, 1997. <br />~I F LA PORTE, TEXAS <br />~~~ <br />N an Malon:-M~; C <br />APPROVED:~ aJ. <br />City Attomey <br /> <br />