Ordinance No. 9,476ORDINANCE NO. 9476
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF BAYTOWN,
TEXAS, EXPRESSING INTENT TO FINANCE EXPENDITURES TO BE
INCURRED; PROVIDING A REPEALING CLAUSE; CONTAINING A SAVINGS
CLAUSE; AND PROVIDING FOR THE EFFECTIVE DATE THEREOF.
WHEREAS, the City of Baytown, Texas (the "City "), is a home -rule city of the State of
Texas, 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 of
1986, as amended (the "Code "); and
WHEREAS, the City 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 property
listed on Exhibit "A" attached hereto; and
WHEREAS, the City desires to reimburse itself for the costs associated with the property
listed on Exhibit "A" attached hereto from the proceeds of tax- exempt obligations to be issued
subsequent to the date hereof, and
WHEREAS, the City reasonably expects to issue tax- exempt obligations to reimburse itself
for the costs associated with the property listed on Exhibit "A" attached hereto; NOW THEREFORE
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF BAYTOWN, TEXAS:
Section 1: The City 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 property listed on
Exhibit "A" attached hereto from the proceeds of tax- exempt obligations to be issued subsequent to
the date hereof.
Section 2: The City reasonably expects that the maximum principal amount of tax -
exempt obligations issued to reimburse the City for costs associated with the property listed on
Exhibit "A" attached hereto will not exceed ONE MILLION AND NO /100 DOLLARS
($1,000,000.00).
Section 3: All ordinances, resolutions and parts of thereof 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repealed to the extent of the conflict only.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 City Council officially 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 City Council ratifies, approves and
confirms such notices and the contents and posting thereof.
Section 6: This ordinance shall take effect immediately from and after its passage by the
City Council of the City of Baytown.
INTRODUCED, READ and PASSED by the affirmative vote of the City Council of the City,
of Baytown this the 26`h day of November, 2002.
C_
PETE C. ALFARO, Mayor
ATTEST:
r
G R Y �V. SM -'TH, City Clerk
APPROVED AS TO FORM:
-144ACIO RAMIREZ, tO., City Attorney
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EXHIBIT A
DESCRIPTION OF PROPERTY
Item or Fund -- Described by
Character, Type or Purpose
Miscellaneous Sewer Rehab & Emergencies
Amount -- Described by
Cost, Ouantity or Size
$1,000,000