HomeMy WebLinkAboutRes 2007-18 Expressing intent to Finance Expenditures to be Incurred
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RESOLUTION 2007-18
RESOLUTIO"N EXPRESSING INTENT TO
FINANCE EXPENDITURES TO BE INCURRED
WHEREAS, the City of West University Place, Texas (the nCityu), is a political
subdivision of the State of Texas authorized to finance its activities by creating obJigations, the
interest on which is excludable from gross income for federal income tax purposes (Utax-exempt
obligationsH) pursuant to Section 103 of the Internal Revenue of 1986, as amended (the HCodeft);
and
WHEREAS, the City will make, or has made not more than 60 days prior to the date
hereof, payments with respect to the project described in Exhibit HA"; and
WHEREAS, the City desires to reimburse itself for the costs associated with the Project
from the proceeds of tax-exempt obligations to be issued su"bsequent to the date hereof; and
WHEREAS, the City reasonably expects to issue tax-exempt obligations to reimburse
itself for the costs associated with the Project.
NOW, THEREFORE, be it resolved by the City Council of the City of West University
Place, Texas that:
Section l~ 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 itl c01U1ection with the Project from the proceeds of tax-exempt obligations to be issued
subsequent to the date hereof.
Section 2~ The City reasonably expects that the maximu"m principal amount of tax-
exempt o"bligations issued to reimburse itself for the costs associated with the Project will not
exceed $3,OOO,OOO~
Section 3~ The terms that are defined in the recitals to this Resolution are hereby
adopted and incorporated in this Resolution.
Section 4. Tl1e City Council of the City ("City Council") here"by finds, determi1les
and declares that a sufficient written notice of the date, hOtlr, place and subject of each meeting
at which this Resolution was discussed, considered or acted u"pon 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 co"nfirms such notices and the conte:nts and
posting thereof.
PASSED AND APPROVED this 22 day of October, 2007.
Kayl on Holloway, City Secretary
(Seal)
REVIEWED: .~
Ch- f? / ~-~
City Attorney, City of West University Place, Texas
EXHIBIT A
Description of the Project
The Project will consist of improvements to Bellaire Boulevard.