HomeMy WebLinkAboutRes 2020-10 Declaring Official Intent to Reimburse ExpendituresCity of West University Place
Harris County, Texas
RESOLUTION NO. 2020-10
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 Interna! 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;
WHEREAS, the City adopted Resolution No. 2018-08 and Resolution 2019-03 to
desires to declare its official intent to reimburse certain prior expenditures from the proceeds
of tax-exempt bonds or other obligations to be issued by the City; and
WHEREAS, the City desires to declare its official intent to reimburse additional prior
expenditures 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 purposes listed on the attached Exhibit "A", 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. Amount of Reimbursement. It is reasonably expected that the additional
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 $5,000,000.
PASSED, APPROVED, and ADOPTED this _ day of August, 2020.
Thelma Gilliam; -City Secretary
City of West University Place, Texas
APPROVED AS TO FOR
Alan Petrov, City Attorney
City of West University Place, Texas
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Bob Higley, Maiver
or
City of West Qi Place, Texas
RECOMMENDED BY:
David J. Beach, City Manager
City of West University Place, Texas
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City of West University Place
Harris County, Texas
EXHIBIT "A"
City of West University Place
Reimbursement Resolution
Buffalo Speedway Street & Drainage Improvements
City-wide Street & Drainage Improvements
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