HomeMy WebLinkAboutResolution No. 2009-41 RESOLUTION NO. R2009-41
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF FRIENDSWOOD, TEXAS, EXPRESSING INTENT TO
FINANCE EXPENDITURES TO BE INCURRED BY THE
CITY FOR EXPENSES ASSOCIATED WITH THE FM 518
DRAINAGE PROJECT AS LISTED IN THE PERMANENT
IMPROVEMENT BONDS, SERIES 2009.
* * * * * * * *
WHEREAS,the City of Friendswood,Texas(the"City"),is a home-rule city of the State of
Texas, authorized to issue obligations to finance its activities pursuant to the Texas Government
Code and other laws of the State,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 acquisition,construction,reconstruction or renovation of the property
listed on Exhibit A attached hereto; and
WHEREAS, the City desires to reimburse itself for the costs associated with the property
listed on Exhibit A attached hereto 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 property listed on Exhibit A attached hereto; now therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FRIENDSWOOD,
TEXAS:
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 acquisition,construction,reconstruction or renovation of the property listed on
Exhibit A attached hereto 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 the City for costs associated with the property listed on
Exhibit A attached hereto will not exceed $3,485,000.
Section 3. All resolutions and parts of resolutions in conflict herewith are hereby
repealed to the extent of the conflict only.
Section 4. If any word,phrase, clause, sentence,paragraph, section or other part of this
resolution or the application thereof to any person or circumstance shall ever be held to be invalid or
unconstitutional by any court of competent jurisdiction, the remainder of this resolution and the
application of such word,phrase,clause,sentence,paragraph,section,or other part of this resolution
to any other person or circumstance shall not be affected thereby.
PASSED AND APPROVED this 6t" day of Julv,2009.
C
� -
David J. . S ith
Mayor
ATTEST
� �� �R'EN�`��
+ r i O�
v
D loris McKenzie, T C * *
City Secretary
(SEAL) �rqrF OF '�+�
R2009-41 2
Exhibit A
(R2009-41)
DESCRIPTION OF PROPERTY
Item or Fund--Described by Amount--Described by
Character, Type or Purpose Cost, Quantitv or Size
FM 518 Drainage Project $3,485,000
R2009-41 3