HomeMy WebLinkAboutResolution No. 2016-21 i
RESOLUTION NO. R2016-21
A RESOLUTION OF THE CITY OF FRIENDSWOOD,
TEXAS EXPRESSING OFFICIAL INTENT TO
REIMBURSE COSTS OF CITY OF FRIENDSWOOD ROAD
AND STREET IMPROVEMENTS. j
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WHEREAS, the City of Friendswood, Texas (the "Issuer") is a duly created
governmental body and home-rule municipality of the State of Texas; and
WHEREAS, in accordance with a bond election held in the Issuer on November 5, 2013,
the voters of the Issuer have authorized the issuance of tax-supported bonds, which have not
heretofore been issued, for the purpose of constructing certain road and street improvements in
the Issuer(the "Project"); and
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WHEREAS, the Issuer expects to pay, or have paid on its behalf, expenditures in I,
connection with the design, planning, acquisition and construction of 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; and
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
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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 COUNCIL OF THE CITY OF
FRIENDSWOOD, TEXAS:
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Section 1. The Issuer reasonably expects to incur debt, as one or more series of
Obligations, with an aggregate maximum principal amount equal to $5,850,000 for the purpose
of paying the costs of the Project.
Section 2. All costs to be reimbursed pursuant hereto will be capital expenditures. I
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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
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with qualified tax credit obligations shall not be paid prior to the date hereof and no tax credit j
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obligations shall be issued after 18 months of the date the original expenditure is made.
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PASSED,APPROVED, AND ADOPTED this the 5th day of December, 2016.
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Kevin M. Holland
Mayor
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ATTEST:
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Melinda Welsh, TRMC :V o ` '�
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City Secretary • p •
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