HomeMy WebLinkAboutResolution No. 2003-17 RESOLUTION NO. R2003-17
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
FRIENDSWOOD, TEXAS EXPRESSING INTENT TO FINANCE
EXPENDITURES TO BE INCURRED THROUGH THE ISSUANCE OF TAX-
EXEMPT OBLIGATIONS TO BE ISSUED SUBSEQUENT TO THE DATE
HEREOF.
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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 of Texas,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 Code 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 has concluded that it does not currently desire to issue tax-exempt
obligations to finance the costs associated with 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 acquisition,
construction, reconstruction or renovation of the properiy 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 t�-exempt obligations to reimburse itself
for the costs associated with the acquisition, construction, reconstruction or renovation of 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 t�-exempt obligations to be issued subsequent to the
date hereof.
Section 2. The City reasonably expects that the maYimum 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 $1,544,507.
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R2003-17
SecNon 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.
Section 5. The City Council officially 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 3rd.day of March 2003.
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l d�' � ��"—.
Harold L. Whitaker, Mayor
ATTEST:
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►
Deloris McKenzie, TRMC City ecretary
(SEAL)
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R2003-17
EXHIBIT A
DESCRIPTION OF PROPERTY
Project Total Cost- 2003
Woodlawn Drainage:
Engineering $17,667
AnnaleaWhitehall Drainage:
Engineering $36,000
Construction $431,807
Sun Meadow Drai�age:
Engineering $91,200
Easement Acquisition $187,500
Public Safety Building:
Engineering/Architectural $182,000
Land Acquisition $490,000
W. Shadow Bend:
Engineering $35,333
Centennial Park:
Engineering/Architectural $73,000
Total $1,544,507
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R2003-17