HomeMy WebLinkAboutResolution No. 2020-18 RESOLUTION NO. R2(120-18
A RESOLUTION OF THE CITY OF FRIENDSWOOD,
TEXAS, EXPRESSING OFFICIAL INTENT TO
REIMBURSE COSTS OF THE CITY OF
FRIENDSWOOD PUBLIC SAFETY BUILDING
EXPANSION AND FIRE STATION CONSTRUCTION.
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,public safety building expansion and fire station construction
in the Issuer(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;
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;
THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE ISSUER
THAT:
Section 1. The Issuer reasonably expects to incur debt, as one or more series of
Obligations,with an aggregate maximum principal amount equal to$1,000,000 for the purpose of
paying the costs of the Project.
Section 2. All costs to be reimbursed pursuant hereto will be capital expenditures. No
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
with unqualified tax credit obligations shall not be paid prior to the date hereof and no tax credit
obligations shall be issued after 18 months of the date the original expenditure is made.
PASSED,APPROVED AND RESOLVED on this 6th day of July, 2020.
Mik orema
Mayor
ATTEST:
........
•
f RIG ..••
o • •NO •
Melinda Welsh, TRMC :* :O:
City Secretary •
OF TE.,•••
R2020-18 2