HomeMy WebLinkAboutResolution No. 98-27 RESOLUTION NO. R98-27
A RESOLUTION OF THE CITY OF FRIENDSWOOD, TEXAS,
ADOPTING STATEMENT EXPRESSING OFFICIAL INTENT
TO REIMBURSE COSTS OF THE MELODY LANE-BLACKHAWK
WATERLINE PROJECT.
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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:
Section l. The issuer reasonably expects to incur debt, as one or more
series of obligations, with an aggregate maximum principal amount equal to
$750,000 for the purpose of paying the costs of the Project.
Section 2. All costs to be reimbursed pursuant hereto will be capital
expenditures. No 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 14th day of Sentember � 1998,
Mayor Harold L. Whitaker
City of Friendswood
ATT .
D loris McKen ie, RMC
City Secretary
R98.27/LST03
EXHIBIT "A"
PROJECT DESCRIPTION
THE MELODY LANE-BLACKHAWK WATERLINE PROJECT.
EXHIBIT/LST03