HomeMy WebLinkAboutRes 2009-25 Declaring Official Intent to Reimburse ExpendituresCity of West University Place
Harris County, Texas
RESOLUTION NO. 2009-25
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 expenses incurred for the design of the police, fire and public works facilities,
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 $412,500.00.
PASSED, APPROVED, and ADOPTED this 26th day of October,
2009.
Bob ly, Mayor
v City of West University Place, Texas
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Thelma A. 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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