HomeMy WebLinkAbout1996-12
RESOLUTION NO. 96-12
RESOLUTION EXPRESSING INTENT TO
FINANCE EXPENDITURES TO BE INCURRED
WHEREAS, the City of West University Place, Texas (the "City"), is a home-rule city of the
State of Texas, authorized to issue obligations to finance its activities pursuant to the Public Property
Finance Act, Section 271.001, et seg, Texas Local Government Code, 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 (the "Code"); and
WHEREAS, the City will make, or has made not more than 60 days prior to the date hereof,
payments with respect to the acquisition, construction, reconstruction or renovation of the property
listed on Exhibit A attached hereto; and
WHEREAS, the City has concluded that it does not currently desire to issue tax-exempt
obligations to finance the costs associated with the property listed on Exhibit A attached hereto; and
WHEREAS, the City desires to reimburse itself for the costs associated with the property
listed on Exhibit A attached hereto from the proceeds of tax-exempt obligations to be issued
subsequent to the date hereof; and
WHEREAS, the City reasonably expects to issue tax-exempt obligations to reimburse itself
for the costs associated with the property listed on Exhibit A attached hereto.
NOW, THEREFORE, be it resolved that:
Section 1. The City reasonably expects to reimburse itself for all costs that have been or will
be paid subsequent to the date that is 60 days prior to the date hereof and that are to be paid in
connection with the acquisition, construction, reconstruction or renovation of the property listed on
Exhibit A attached hereto 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 to reimburse the City for costs associated with the property listed on Exhibit A
attached hereto will not exceed $1,000,000.
Section 3. All resolutions and parts of resolutions in conflict herewith are hereby repealed
to the extent of the conflict only.
Section 4. If any word, phrase, clause, sentence, paragraph, section or other part of this
resolution or the application thereof to any person or circumstance shall ever be held to be invalid
or unconstitutional by any court of competent jurisdiction, the remainder of this resolution and the
application of such word, phrase, clause, sentence, paragraph, section, or other part of this resolution
to any other person or circumstance shall not be affected thereby.
Section 5. The City Council officially finds, determines and declares that a sufficient written
notice of the date, hour, place and subject of each meeting at which this resolution was discussed,
considered or acted upon was given in the manner required by the Texas Open Meetings Act, as
amended, and that each such meeting has been open to the public as required by law at all times
during such discussion, consideration and action. The City Council ratifies, approves and confirms
such notices and the contents and posting thereof.
PASSED AND APPROVED this 10th day of June, 1996.
ATTEST:
-
Mayor
City of West University Place, Texas
City Secretary (/
City of West University Place, Texas
(SEAL)
Item or Fund-Described by
Character. Type or Purpose
Engineering Costs
EXHIBIT A
DESCRIPTION OF PROPERTY
Amount-Described by
Cost. Quantity or Size
$1,000,000