HomeMy WebLinkAboutResolution No. 99-24 .. �.. .
RESOLUTION N0. R99-24
A RESOLUTION OF THE CITY OF FRIENDSWOOD, TEXAS,
ADOPTING STATEMENT EXPRESSING OFFICIAL INTENT
TO REIMBURSE COSTS OF THE AUTiJNIId CREEK FORCE
MAIN OVERSIZING PROJECT.
* x * * * * * * * ,r
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 the
project described on Exhibit "A" hereto (the "Project") ) prior to the
issuance of 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 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:
Sectioa l. The issuer reasonably expects to incur debt, as one or more
series of obligations, with an aggregate maximum principal amount equal to
$140, 000 for the purpose of paying the costs of the Project.
Section 2. Al1 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 which such expenditures were made, is
placed in service.
Section 3. The foregoing notwithstanding no tax-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 ADOPTED this Zrid day of ALlqUS't , 1999.
�
Mayor Harold L. Whitaker
City of Friendswood
ATTEST:
t
Deloris McKenzie, T C•
City Secretary
R99.24/LST03
EXIIIBIT "A"
Autumn Creek Force Main Oversizing
Project Description:
The project consists of constructing a force main, along Bay Area Boulevard, of
sufficient size to provide sanitary sewer service for the Autumn Creek
Development and adjacent properties located north of Clear Creek, south of F.M.
528 and west to the City Limit line of Friendswood, Texas.
R99. 24/lst