HomeMy WebLinkAboutRes 2024-08 Declaring Intention to Reimburse Project Expenditures from the Proceeds of Tax Exempt ObligationsCity of West University Place
Harris County, Texas
RESOLUTION NO. 2024-08
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, and will continue to 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 pard 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 $4,475,000.
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 23`d day of September 2021.
(CITY SEAL)
RECOMMENDED BY:
64, 1ty Manager
APPROVED AS TO FORM:
(V"
CitA At r ey
"Mayor
Signature Page to Resolution Declaring Intention to Reimburse Project Expenditures
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EXHIBIT A
FINANCED FACILITIES AND IMPROVEMENTS
Project Description.
Improvements and repairs to City's street, road, and stormwater drainage system, including but
not limited to the acquisition of property.
A•1
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