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Resolution - Intent to Finance Expenditures Attachment "A" • RESOLUTION EXPRESSING INTENT TO FINANCE EXPENDITURES TO BE INCURRED WHEREAS, the Baytown Area Water Authority (the "Authority"), is a conservation and reclamation district of the State of Texas, created pursuant to Article 16, Section 59, Texas Constitution, and is authorized to issue obligations to finance its activities pursuant to the laws of the State of Texas, the interest on which is excludable from gross income for federal income tax purposes ("tax-exempt obligations") pursuant to Section 103 of the Internal Revenue of 1986, as amended (the "Code"); and WHEREAS, the Authority will make, or has made not more than 60 days prior to the date hereof, payments with respect to the acquisition, construction, reconstruction or renovation of the projects listed on Exhibit A attached hereto; and WHEREAS,the Authority has concluded that it does not currently desire to issue tax-exempt obligations to finance the costs associated with the projects listed on Exhibit A attached hereto; and WHEREAS, the Authority desires to reimburse itself for the costs associated with the projects listed on Exhibit A attached hereto from the proceeds of tax-exempt obligations to be issued subsequent to the date hereof; and WHEREAS,the Authority reasonably expects to issue tax-exempt obligations to reimburse itself for the costs associated with the projects listed on Exhibit A attached hereto; NOW, THEREFORE, be it resolved that: Section 1. The Authority reasonably expects to reimburse itself for all costs that have been or will be paid subsequent to the date that is 60 days prior to the date hereof and that are to be paid in connection with the acquisition, construction, reconstruction or renovation of the projects listed on Exhibit A attached hereto from the proceeds of tax-exempt obligations to be issued subsequent to the date hereof. Section 2. The Authority reasonably expects that the maximum principal amount of tax- exempt obligations issued to reimburse the Authority for costs associated with the projects listed on Exhibit A attached hereto will not exceed $1,000,000. Section 3. All resolutions and parts of resolutions in conflict herewith are hereby repealed to the extent of the conflict only. Section 4. If any word, phrase, clause, sentence, paragraph, section or other part of this • resolution or the application thereof to any person or circumstance shall ever be held to be invalid or unconstitutional by any court of competent jurisdiction, the remainder of this resolution and the • application of such word,phrase,clause, sentence,paragraph, section,or other part of this resolution to any other person or circumstance shall not be affected thereby. Section 5. The Board of Directors of the Authority hereby finds,determines and declares that a sufficient written notice of the date, hour, place and subject of each meeting at which this resolution was discussed,considered or acted upon was given in the manner required by the Texas Open Meetings Act,as amended,and that each such meeting has been open to the public as required by law at all times during such discussion, consideration and action. The Board ratifies, approves and confirms such notices and the contents and posting thereof. PASSED AND APPROVED this /7 day of , 1999. President, Board or Directors ATTEST: `4(741'c'e . Secretary, Board of D. ctors • • EXHIBIT A DESCRIPTION OF PROJECTS Item or Fund--Described by Amount--Described by Character. Type or Purpose Cost. Quantity or Size Pilot studies, engineering and permitting costs for expansion of surface water treatment plant $1,000,000 •