HomeMy WebLinkAboutRes 2007-07 Expressing intent to finance expenditures to be incurred
Resolution No. 2007-07
RESOLUTION EXPRESSING INTENT TO
FINANCE EXPENDITURES TO BE INCURRED
WHEREAS, the City of West University Place, Texas (the UCitytl), is a political
su.bdivision of the State of Texas authorized to finance its activities .by creating obligations, the
interest on which is excludable from gross income for federal income tax purposes (Htax-exempt
obligations") pursuant to Section 103 of the Internal Revenue of 1986, as amended (the "CodeU);
and
W.HEREAS, the City will make, or has made not more than 60 days prior to the date
. hereof, pay.ments with respect to the projects more specifically described in Exhibit A (the
"Projects"); and
WHEREAS, the City desires to reimburse itself for the costs associated with the Projects
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 Projects.
NOW, THEREFORE, be it resolved by the City Council of the City of West University
Place, Texas 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 Projects from the proceeds of tax-exem.pt 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 reimbllrse itself for the costs associated with the Projects will not
exceed $4,000,000.
Section 3. The terms that are defined ill the recitals to this Resolution are here.by adopted
and incorporated in this ~esollltion.
Section 4. The City Council of the City ("City Council") hereby finds, deterlnines and
declares that a sufficient written notice of the date, hOllr, place llild subject of eac.h meeting at
which tllis 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 actio.n. The City
Council rat.ifies, approves and confirms such :notices and the contents and postillg thereof.
Houston 33 I 6694v.2
PASSED AND APPROVED this 13th day of August, 2007.
ATTEST:
(Seal)
REVIEWED:
~ /? ;/!~
City Attorney, City of West University Place, Texas
Houston 33 I 6694v.2
EXHIBIT A
Description of the Projects
The Projects will consist of:
The purchase, construction, installation, and renovation of streetlights $2,000,000
The acquisition and improvement of park .pro.perry east of Auden Street $2,000,000
and west of Buffalo Speedway
Houston 3316694v.2