Ordinance No. 9,531ORDINANCE NO. 9531
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF BAYTOWN,
TEXAS, EXPRESSING ITS INTENT TO FINANCE EXPENDITURES TO BE
INCURRED IN CONNECTION WITH THE KINGSBEND SEWER
REHABILITATION PROJECT; 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 Act
of 1986, as amended (the "Code "); and
WHEREAS, the City will make, or has made not more than sixty (60) days prior to the date
hereof, payments with respect to the acquisition, construction, reconstruction or renovation of the
property listed on Exhibit "A," which is attached hereto and incorporated herein for all intents and
purposes; and
WHEREAS, the City desires to reimburse itself for the costs associated with the property
listed on Exhibit "A" 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 "; 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 sixty (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 TWO HUNDRED THOUSAND AND
NO /100 DOLLARS ($1,200,000.00).
Section 3: All ordinances, resolutions and parts 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repealed to the extent of the conflict only.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
ordinance 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 ordinance 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 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 affin-native vote of the City Council of the City
of Baytown this the 13t11 day of March, 2003.
PETE C. ALFARO, Mayor
ATTEST:
r -
GUY W. SMITH, City Clerk
APPROVED AS TO FORM:
KAREN HORNER, Assistant City Attorney
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EXHIBIT "A"
DESCRIPTION OF PROPERTY
Item or Fund -- Described by
Character, Type or Purpose
Kingsbend sewer rehabilitation
Exhibit "A," Page Solo
Amount -- Described by
Cost, Quantity or Size
$1,200,000.00