MDD Resolution No. 355RESOLUTION NO. 355
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE BAYTOWN
MUNICIPAL DEVELOPMENT DISTRICT, EXPRESSING INTENT TO
FINANCE EXPENDITURES TO BE INCURRED; CONTAINING A REPEALING
CLAUSE; CONTAINING A SAVINGS CLAUSE; AND PROVIDING FOR THE
EFFECTIVE DATE THEREOF.
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WHEREAS, the Baytown Municipal Development District (`BMDD"), is a political
subdivision of the State of Texas and the City of Baytown, created under Chapter 377 of the Texas
Local Government Code, authorized to issue obligations to finance its activities pursuant to the
Texas Government Code and other laws of said state, 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 Code of 1986, as amended (the "Code"); and
WHEREAS, BMDD will make, or has made not more than 60 days prior to the date hereof,
payments with respect to the design, acquisition, construction, and/or equipping of the
property/project listed on Exhibit "A," which is attached hereto and incorporated herein for all
intents and purposes; and
WHEREAS, BMDD desires to reimburse itself for the costs associated with the design,
acquisition, construction, and/or equipping of the property/project listed on Exhibit "A" attached
hereto from the proceeds of tax-exempt obligations to be issued subsequent to the date hereof; and
WHEREAS, BMDD reasonably expects to issue tax-exempt obligations to reimburse itself
for the costs associated with the property/project listed on Exhibit "A" attached hereto; NOW
THEREFORE,
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE BAYTOWN
MUNICIPAL DEVELOPMENT DISTRICT:
Section 1: That the Baytown Municipal Development District 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 design, acquisition, construction, and
equipping of the property/project listed on Exhibit "A" attached hereto from the proceeds of tax-
exempt obligations to be issued subsequent to the date hereof.
Section 2: That the Baytown Municipal Development District reasonably expects that
the maximum principal amount of tax-exempt obligations issued to reimburse the Baytown
Municipal Development District for costs associated with the property/project listed on Exhibit "A"
attached hereto will not exceed FORTY-THREE MILLION AND N0/100 DOLLARS
($43,000,000.00).
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: This resolution shall take effect immediately from and after its passage by the
Board of Directors of the Baytown Municipal Development District.
INTRODUCED, READ and PASSED, by the affirmative vote
the Baytown Municipal Development District this the 6h day of Seplp
1.1
ATTEST:
L TICIA BRYSCH, Assi ant Secretary
APPROVED AS TO FORM:
JACIO RAMIREZ, SR., eral Counsel
Board of Directors of
2018.
RAKaren\Files\City Council\Municipal Development District\Resolutions\2018'September\ReimbursementResolution.doc
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DESCRIPTION OF PROPERTY/PROJECT
Revenue Bonds, Series 2018 or 2019
Baytown Convention Center Hotel project
TOTAL
Exhibit "A," Page Solo
$43,000,000
$43,0009000