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R-2002-25 reimburse certain expenditures with borrowing proceeds/Fire Station #2
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R-2002-25 reimburse certain expenditures with borrowing proceeds/Fire Station #2
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11/2/2016 3:50:26 PM
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Legislative Records
Legislative Type
Resolution
Date
5/7/2002
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<br />'. <br /> <br />. <br /> <br />-- <br />RESOLUTION NO. :zoolL )..S <br /> <br />RESOLUTION DECLARING INTENTION 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 design, <br />planning, acquisition, construction, equipping, and/or renovating the project or facilities described as the Fire <br />Station Two project (the "Project"). <br /> <br />WHEREAS, Article 717k-6, Vernon's Texas Civil Statutes, as amended ("Article 717k-6"), penn its the Issuer to <br />use the proceeds of obligations to reimburse the Issuer for costs attributable to the Project paid or incurred before <br />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 issues obligations to finance the Project. <br /> <br />NOW, THERFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LA PORTE, TEXAS <br />THAT: <br /> <br />Section I. This Resolution declares the intent of the Issuer to reimburse the expenditures for the Project <br />with the proceed of obligations. The Issuer presently intends to reimburse the expenditure by incurring <br />obligations issued under Texas law, the interest on which is excludable from gross income under Section 103 of <br />the Internal Revenue Code of 1986, as amended. <br /> <br />.- <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 expected to be equal to $1,900,000 for the purpose of paying the <br />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 of the original expenditure is paid or the date the Project is placed in service 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 which <br />the Issuer and a licensed architect or engineer have certified that at least five years are necessary to complete the <br />Project in which event the maximum reimbursement period is five years after the date of the original <br />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 />PASSED AND APPROVED this the 7lh day of May 2002. <br /> <br />ArrEST <br /> <br />1!ls ILtlklim <br /> <br />City ecretary <br /> <br />CITY OF LA PORTE, TEXAS <br /> <br />~~~4/~ <br />~~ald <br /> <br />City Attorney <br />
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