HomeMy WebLinkAboutRes 2009-07 Declaring Official Intent to Reimburse Expenditures from Proceeds of Tax-Exempt ObligationsRESOLUTION NO. 2009-07
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WEST
UNIVERSITY PLACE, TEXAS, DECLARING OFFICIAL INTENT TO
REIMBURSE EXPENDITURES FROM PROCEEDS OF TAX-EXEMPT
OBLIGATIONS.
WHEREAS, the City of West University Place, Texas (City), is eligible to issue its
bonds, obligations and other evidences of indebtedness pursuant to Section 103(a) of the Internal
Revenue Code of 1986 (Code); and
WHEREAS, the City is authorized, pursuant to the Code and the regulations
promulgated thereunder, specifically Section 1.150-2, to reimburse a prior expenditure of the
City from the proceeds of bonds or other obligations; and
WHEREAS, the City desires to declare its official intent to reimburse a prior expenditure
from the proceeds of tax-exempt bonds or other obligations to be issued by the City; NOW,
THEREFORE,
BE IT RESOLVED BY THE CITY OF WEST UNIVERSITY PLACE, TEXAS:
1. Findings. It is hereby found and declared that the facts recited in the preamble to
this Resolution are true and correct in all material respects.
2. Declaration of Official Intent. It is hereby officially declared that the City
intends to reimburse any and all amounts expended by the City after the date of this Resolution
for acquisition of properties adjacent to the West University Place Fitness Center, including
contingencies and all related expenses, from the proceeds of tax-exempt bonds, obligations or
other evidences of indebtedness which are expected to be issued in connection therewith and
which shall be issued by the City no later than eighteen months after the later of (a) the date the
expenditure is paid, or (b) the date the project is placed into service or abandoned, but in no
event more than three years after the original expenditure is paid.
3. Sources of Funds.
a. The expenditure of funds for the purpose described above has not been
budgeted by the City and is expected to be made from existing reserves.
b. The reimbursement bonds or obligations are expected to be repaid
by a pledge of ad valorem taxes levied on all property within the City.
4. Amount of Reimbursement. It is reasonably expected that the amount to be
expended for the purposes described above and reimbursed from the proceeds of bonds,
obligations or other evidences of indebtedness will not exceed $800,000.00.
PASSED, APPROVED, and ADOPTED this day of May, 2009.
WEST
`1r Of
C,
Bob Kelly, Mayo
City of West University Place; Texas
TMma Lenz
City Secretary
City of West University Place, Texas
APPROVED AS TO FORM:
Alan P. Petrov, City Attorney
City of West University Place, Texas
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