HomeMy WebLinkAboutRes 2001-21
RESOLUTION NO. 2001-21
RESOLUTION EXPRESSING INTENT TO
FINANCE EXPENDITURES TO BE INCURRED
WHEREAS, the City of West University, Texas (the HCityrt), is a general law city oftlle State
of Texas, autllorized to issue obligations to finance its activities pursuant to the Texas Local
Goverl1ll1ent Code and other laws of the State, the interest on whicll is excludable from gross il1come
. for federal income tax purposes (Utax-exempt obligationsU) pllfsuant to Section 103 oft11e Il1ter11al
Revenlle of 1986, as amended (the "Code"); and
WHEREAS, the City will make, or has Inade not more tllan 60 d.ays prior to tlle date llereof.,
paYl11el1ts witll respect to the acquisition, COl1struction, reconstrllction or renovatioll of tIle property
listed on Ex11ibit A attaclled hereto; and
WHEREAS, the City desires to reimburse itself for the costs associated with tIle pro}Jerty
listed on Exllibit A attaclled hereto from the proceeds of tax-exempt obligations to be isslled
sllbsequent to the date hereof; and
WHEREAS, tIle City reasonably expects to isslle tax-exempt obligations to reimbllfse itself
for tIle costs associated witll the propel1y listed on Exhibit A attached l1ereto;
NOW, THEREFORE, be it resolved that:
Section 1 ~ TIle City reasonably ex:pects to reimburse itself for all costs tllat l1ave beell or
will be paid subsequent to the date tllat is 60 d.ays prior to the date hereof and tllat are to be paid ill
cOlUlectiol1 with the acquisition, construction, reconstruction or renovation of tIle property listed 011
Exhibit A attached hereto from tIle proceeds of tax-exempt obligations to be issued sllbsequent to tIle
date l1ereof.
Section 2~ The City reasol1ably expects that t11e maximuln principal amount of tax-
exelnpt obligatiol1S issued to reimburse tIle City for costs associated with tIle property listed 011
Exhibit A attaclled hereto will not exceed $3,370,OOO~
Section 3. All resolutions and parts of resolutions in conflict l1erewitll are hereby
repealed to tIle extent of tIle conflict DIlly ~
Section 4 ~ If any word, plnase, clause, sel1tence, paragraph, section or other part of th.is
resolutioll or tIle applicatiol1 thereof to lilY perSOll or circumstance sllall ever be l1eld to be invalid or
llnconstitutional by any cOlui of competel1t jurisdiction, tIle remainder of this resollltioll alld tIle
applicatioll of SllCll word, plrrase, clallse, sentence, paragrapll, sectio.n, or otller part of tllis resolutiol1
to IDlY otller person or circwnstance shall .not be affected thereby ~
PASSED AND APPROVED this 27th d.ay of August, 200 1 ~
Mayor
City of West Ul1iversity Place, Texas
ATTEST:
City Secretary
City of West University Place, Texas
(SEAL )
EXHIBIT A
DESCRIPTION OF PROPERTY
Item or Fund--Described by
Character, Type or Ptlrpose
Al11ount--Described .by
Cost, Quantity or Size
Pllfchase of Southwest Branch YMCA
$3,370,000