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HomeMy WebLinkAboutRes 2009-01 Expressing intent to finance expenditures to be incurredResolution Number 2009-01 City of West University Place Harris County, Texas RESOLUTION EXPRESSING INTENT TO FINANCE EXPENDITURES TO BE INCURRED WHEREAS, the City of West University Place, Texas (the "City"), is a political subdivision 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 ("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 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-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 itself for the costs associated with the Projects will not exceed $13,800,000. Section 3. The terms that are defined in the recitals to this Resolution are hereby adopted and incorporated in this Resolution. Section 4. The City Council of the City ("City Council") hereby 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 5th day of January, 2009. 'Al d. ~ Mayor, City of We niversity Place, Texas A Secretary, City of West Universito Place, Texas o~ ,~~,st upr~9. I < CIO REVIEWED: C ' City Attorney, City of West Univer ity Place, Texas EXHIBIT A Description of the Project The Project will consist of purchasing, constructing, improving, replacing and repairing certain park and recreation facilities, to-wit: The West University Recreation Center, Colonial Park, the West University Community Building and the Senior Center, including aquatic facilities and improvements at Colonial Park and the West University Recreation Center, Reconstruction of the Recreation Center and Improvements to the athletic fields.