HomeMy WebLinkAboutResolution No. 2014-07 RESOLUTION NO. R2014-07
CITY OF FRIENDSWOOD, TEXAS
RESOLUTION EXPRESSING OFFICIAL INTENT TO
REIMBURSE COSTS OF PROJECTS APPROVED IN THE
NOVEMBER 5,2013, CITY BOND ELECTION
WHEREAS, the City of Friendswood, Texas (the "Issuer") is a duly created
governmental body and home-rule municipality of the State of Texas;
WHEREAS, at an election held in the Issuer on November 5, 2013, the voters of the
Issuer approved the issuance of bonds aggregating $24,085,000 under four propositions (the
"Election");
WHEREAS, the Issuer expects to pay, or have paid on its behalf, expenditures in
connection with the design, planning, acquisition and construction of portions of the projects
approved at the Election, including costs associated with the construction of public safety
facilities, library expansion, park improvements and street improvements (collectively, the
"Project") prior to the issuance of tax-exempt obligations, tax-credit obligations and/or
obligations for which a prior expression of intent to finance or refinance is required by Federal or
state law(collectively and individually,the "Obligations") to finance the Project;
WHEREAS, the Issuer finds, considers, and declares that the reimbursement for the
payment of such expenditures will be appropriate and consistent with the lawful objectives of the
Issuer ihd, as such, chooses to declare its intention to reimburse itself for such payments at such
time as it issues Obligations to finance the Project;
THEREFORE,BE IT RESOLVED BY THE TOWN COUNCIL OF THE ISSUER THAT:
Section 1. The Issuer reasonably expects to incur debt, as one or more series of
Obligations, with an aggregate maximum principal amount equal to $9,655,000 for the purpose
of paying the costs of the Project.
Section 2. All costs to be reimbursed pursuant hereto will be capital expenditures.
No Obligations will be issued by the Issuer in furtherance of this Statement after a date which is
later than 18 months after the later of(1) the date the expenditures are paid or (2) the date on
which the property, with respect to which such expenditures were made, is placed in service.
Section 3. The foregoing notwithstanding, no Obligation will be issued pursuant to
this Statement more than three years after the date any expenditure which is to be reimbursed is
paid.
Section 4. The foregoing Sections 2 and 3 notwithstanding, all costs to be reimbursed
with qualified tax credit obligations shall not be paid prior to the date hereof and no tax credit
obligations shall be issued after 18 months of the date the original expenditure is made.
Section 5. To evidence the adoption of this Resolution on this, the 3rd day of March,
2014 by the City Council of the Issuer, the signatures of the City Secretary and Mayor are set
forth below.
PASSED,APPROVED,AND RESOLVED this 3rd day of March,2014.
Kevin M. H and
Mayor
ATTEST:
0 .
�(}
A.Melinda Welsh, TRMC * .'
City Secretary �]: c .
of
82014-07 2