HomeMy WebLinkAboutRes 2022-08 Declaring Intent to Reimburse Project Expenditures from the Proceeds of Tax Exempt ObligationsCity of West University Place
Harris County, Texas
RESOLUTION NO. 2022-08
RESOLUTION DECLARING INTENTION TO REIMBURSE PROJECT
EXPENDITURES FROM THE PROCEEDS OF TAX-EXEMPT OBLIGATIONS
WHEREAS. the City of West University Place, Texas (the "City"), pursuant to Subchapter
C of Chapter 271, Texas Local Government Code, as amended. and Chapter 1502, Texas
Government Code. as amended, is authorized to issue obligations the interest on which is
excludable from gross income for federal income tax purposes ("Tax -Exempt Obligations"),
pursuant to Section 103 of the Internal Revenue of 1986, as amended; and
WHEREAS. the City has made. within the last sixty (60) days, or will hereafter make
payments with respect to the acquisition of the projects listed on Exhibit A attached hereto
(the "Financed Facilities and Improvements"'); and
WHEREAS, the City reasonably expects to issue obligations. including Tax -Exempt
Obligations. to reimburse itself for capital costs associated with the Financed Facilities and
Improvements: and
WHEREAS. the City desires to reimburse itself for capital costs associated with the
Financed Facilities and Improvements from the proceeds of obligations. including Tax -Exempt
Obligations, to be issued subsequent to the date hereof;
NOW, THEREFORE, be it resolved that:
Section. 1 The City hereby declares its intent to reimburse itself for costs paid within
the last sixty (60) days and that will be paid subsequent to the date hereof in connection with the
acquisition of the Financed Facilities and Improvements from the proceeds of Tax -Exempt
Obligations to be issued subsequent to the date hereof.
Section 2. The City reasonably expects that the maximum principal amount of Tax -
Exempt Obligations issued by the District to finance costs associated with the Financed Facilities
and Improvements will not exceed $23,656,300.
Section 3. This Resolution will be kept in the books and records maintained by the
City with respect to the Tax -Exempt Obligations.
[Execution page follows.]
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PASSED AND APPROVED by the City Council of the City of West University Place,
Texas this .U4 day of July, 2022.
CITY OF WEST UNIVERSITY PLACE, TEXAS
City Secretary
RECOMMENDED BY:
City Manager
APPROVED AS TO FORM:
w
City Attorney
Signature Page to Resolution Declaring Intention to Reimburse Project Expenditures
4128-8639-0841.2
EXHIBIT A
FINANCED FACILITIES AND IMPROVEMENTS
Project Description:
Planning and construction of a public works (-acilit}. improvements and repairs to City's street,
road and stormwater drainage system, including Buffalo Speedwa} . and improvements and repairs
to the City's water, sanitary sewer and wastewater system, including repairs and improvements to
the City's wastewater treatment plant.
A-1
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