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R-2006-07 (TIRZ) and various water sewer projects
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R-2006-07 (TIRZ) and various water sewer projects
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11/2/2016 3:50:29 PM
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12/18/2007 3:48:24 PM
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Legislative Records
Legislative Type
Resolution
Date
3/27/2006
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<br />RESOLUTION NO. 2006- b 7 <br /> <br />RESOLUTION DECLARING INTENTION TO REIMBURSE CERTAIN EXPENDITURES WITH BORROWING <br />PROCEEDS <br /> <br />WHEREAS, the City of La Porte, Texas (the "Issuer") desires to pay expenditures in connection with the design, planning, <br />acquisition, construction, equipping, and/or renovating the project or facilities described as TIRZ infrastructure trunk <br />sewer main, lift station, and related facilities between Highway 146 and Broadway, and various additional water and sewer <br />improvements within the City. <br /> <br />WHEREAS, Article 717k-6, Vernon's Texas Civil Statutes, as amended ("Article 717k-6"), permits the Issuer to use the <br />proceeds of obligations to reimburse the Issuer for costs attributable to the Project paid or incurred before the date of <br />issuance of such obligations; and <br /> <br />WHEREAS, the Issuer finds, considers, and declares that the reimbursement of the Issuer for the payment of such <br />expenditures will be appropriate and consistent with the objectives of the Issuer's programs and, as such, chooses to <br />declare its intention, in accordance with the provisions of Section 1.150-2 of the Treasury Regulations, to reimburse itself <br />for such payments at such time as it issues obligations to finance the Project. <br /> <br />NOW, THERFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LA PORTE, TEXAS THAT: <br /> <br />Section 1. This Resolution declares the intent of the Issuer to reimburse the expenditures for the Project with the <br />proceed of obligations. The Issuer presently intends to reimburse the expenditure by incurring obligations issued under <br />Texas law, the interest on which is excludable from gross income under Section 103 of the Internal Revenue Code of <br />1986, as amended. <br /> <br />Section 2. The Issuer reasonably expects to incur debt, in one or more series of obligations, in an aggregate <br />maximum principal amount now expected to be equal to $1,000,000 for the purpose of paying the costs of the Project. <br /> <br />Section 3. The Issuer intends to reimburse the expenditures hereunder not later than 18 months after the date of the <br />original expenditure is paid or the date the Project is placed in service or abandoned, but in no event more than three years <br />after the original expenditure is paid unless the Project is a construction project for which the Issuer and a licensed <br />architect or engineer have certified that at least five years are necessary to complete the Project in which event the <br />maximum 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 in Section 1.150-2 <br />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 state law <br />and federal income tax law in the issuance of tax-exempt obligations for the Project. <br /> <br />PASSED AND APPROVED this the 27th day of March 2006.. <br /> <br />CITY OF LA POR~S <br /> <br />~L.\.~ <br /> <br />Alton Porter, Mayor <br /> <br />ATTEST <br /> <br />APPROVED: <br /> <br />vU~~ <br /> <br />~~4 <br /> <br />City Secretary <br /> <br />City Attorney <br />
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