HomeMy WebLinkAboutResolution No. 2001-09 RESOLUTION NO. R2001-09
A RESOLUTION OF THE CITY OF FRIENDSWOOD, TEXAS,
ADOPTING A STATEMENT EXPRESSING OFFICIAL INTENT
TO REIMBURSE COSTS OF IMPROVEMENTS TO THE CITY'S
WATER SYSTEM IN AN AMOUNT NOT TO EXCEED $1,950,000.
* * * * *
WHEREAS, the City of Friendswood, Texas (the "Issuer") is a duly created governmental body
of the State of Texas;
WHEREAS, the Issuer expects to pay, or have paid, on its behalf, expenditures in connection
with the design, planning, acquisition, and construction of improvements to the City's water
system.
WHEREAS, the Issuer finds, considers, and d�clares that the reimbursement for the payment of
such expenditures will be appropriate and consistent with the lawful objectives of the Issuer and,
as such, chooses to declare its intention to reimburse itself for such payments at such time as it
issues obligations to finance the Project;
NOW, THEREFORE,BE IT RESOLVED BY THE CITY OF FRIENDSWOOD, TEXAS:
Section 1. The Issuer reasonably expects to incur debt, as one or more series of obligations, with
an aggregate maximum principal amount equal to $5,977,000.00 for the purpose of paying the
costs of the Project.
Section 2. All costs to be reimbursed pursuant hereto will be capital expenditures. No tax-
exempt 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 such expenditures were made, is placed in service.
Section 3. The foregoing notwithstandin� �n.� ��x-exempt obligation will be issued pursuant to
this Statement more than three years after the date any expenditure which is to be reimbursed is
paid.
PASSED,APPROVED AND RESOLVED this 19th day of March, 2001.
R2001-09
Harold L. Whitaker
Mayor
ATTEST:
. a
Deloris McKenzie, T C
City Secretary
R2001-09