CC Resolution No. 2950 RESOLUTION NO. 2950
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BAYTOWN, TEXAS,
EXPRESSING INTENT TO FINANCE EXPENDITURES TO BE INCURRED; AND
PROVIDING FOR THE EFFECTIVE DATE THEREOF.
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WHEREAS, the City of Baytown, Texas (the "City") is a home rule municipality and political
subdivision of the State of Texas authorized to finance its activities by issuing obligations; and
WHEREAS, the City will make, or has made not more than 60 days prior to the date hereof,
payments with respect to the project listed on Exhibit A attached hereto (collectively, the "Financed
Project'); and
WHEREAS, in certain circumstances, federal and/or state law requires that the City express its
official intent to issue obligations to reimburse itself for expenditures paid prior to the issuance of such
obligations in order for such expenditures to be eligible for reimbursement from proceeds of such
obligations; and
WHEREAS, the City desires to reimburse itself for the costs associated with the Financed Project
from the proceeds of obligations to be issued subsequent to the date hereof, and
WHEREAS, the City reasonably expects to issue obligations to reimburse itself for the costs
associated with the Financed Project; and
WHEREAS, Section 1.150-2(d)(2) of the Treasury Regulations sets forth limitations regarding
the timing of reimbursements made from the proceeds of certain tax-exempt obligations; NOW,
THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BAYTOWN,TEXAS:
Section 1: That the City reasonably expects to reimburse itself for 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 Financed Project from the proceeds of obligations to be issued subsequent to the date
hereof.
Section 2: That the City reasonably expects that the maximum principal amount of
obligations issued to reimburse the City for the costs associated with the Financed Project will not exceed
the amounts identified in Exhibit A.
Section 3: Unless otherwise advised by bond counsel, any reimbursement allocation will be
made not later than 18 months after the later of(1)the date the original expenditure is paid or(2) the date
on which the Financed Project to which the expenditure relates is placed in service or abandoned, but in
no event more than three years after the original expenditure is paid.
Section 4: This resolution shall take effect immediately from and after its passage by the City
Council of the City of Baytown,Texas.
INTRODUCED, READ and PASSED by the affirmative vote of the City Council of the City of
Baytown this the 19`I'day of November, 2024.
At A
RANDON CAPETILLO, May r
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ANGELA tAVKSO , City Cl �t
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APPROVED AS T F RM:
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SCOTT LEMO r,
City Attorney
R:Ordinances and Resolutions Resolution Drafts City Council 11-19-2024 City of Baytown Texas Reimbursement Resolution(Multipurpose Venue).doe
EXHIBIT A
DESCRIPTION OF PROJECT
Purpose:Project Amount
The design, construction,acquisition, equipment,and improvement of $75,000,000
a multipurpose venue.