HomeMy WebLinkAboutRes 2019-03 Declaring Official Intent to Reimburse ExpendituresCity of West University Place
Harris County, Texas
RESOLUTION NO. 2019 -03
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 (the "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 (the "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 COUNCIL OF THE CITY
OF WEST UNIVERSITY PLACE, TEXAS THAT:
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, and up to sixty (60) days before the date of this Resolution, for expenses
incurred for the purchase of property located at 3807 Rice Blvd., from the proceeds of
tax - exempt bonds, obligations or other evidences of indebtedness which are expected
to be issued in connection therewith 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.
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3. Sources of Funds.
a. The expenditure of funds for the purpose described above 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 $680,000.
PASSED, APPROVED, and ADOPTED this 25th day of February 2019.
o �
helma A. Gilliam, ity Secretary
City of West University Place, Texas
RECOMMEND D BY:
David . Beach,City Manager
APPROVED AS TO L L
Alan Petrov, City Attorney
('7 C L.ICJ l ryn / /(I
san Sample, May
City of West University Place, exas
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