CC Resolution No. 1159 2142
RESOLUTION NO. 1159
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BAYTOWN
EXPRESSING THE INTENT TO FINANCE EXPENDITURES TO BE
INCURRED IN THE ACQUISITION OF CERTAIN PROPERTY FOR A
FIRE STATION; AND PROVIDING FOR THE EFFECTIVE DATE
THEREOF.
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WHEREAS, the City of Baytown, Texas (the "Issuer") is acting
as a home-rule city of the State of Texas, authorized to issue
obligations to finance its activities pursuant to the Texas Local
Government Code, as amended, 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 Issuer is contemplating the acquisition of
certain property; and
WHEREAS, the Issuer has concluded that it does not currently
desire to incur debt to finance the costs it is about to pay; and
WHEREAS , the Issuer desires to reimburse itself for the
costs it is about to pay from the proceeds of obligations to be
issued subsequent to the payment of such costs; and
WHEREAS , the Issuer has no other funds that are, or are
reasonably expected to be, reserved , allocated on a long term
basis or otherwise set aside for purposes of paying the costs the
Issuer expects to incur; NOW THEREFORE
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BAYTOWN,
TEXAS:
Section 1: That the Issuer reasonably expects to reimburse
itself for all costs to be paid in connection with the
acquisition of the property listed on Exhibit "A" attached hereto
from the proceeds of debt to be incurred subsequent to the
payment of all or a portion of such costs. The Issuer reasonably
expects that the maximum principal amount of such debt used to
reimburse the Issuer for such costs will not exceed TWENTY-FIVE
THOUSAND AND NO1100 ($25, 000. 00) DOLLARS.
Section 2 : This resolution is intended to serve as a
declaration of official intent within the meaning of the
applicable Treasury Regulations and the Issuer hereby directs
this Resolution to be made a part of its books and records that
are available for inspection by the general public.
Section 3 : This resolution shall take effect immediately
from and after its passage by the City Council of the City of
Baytown.
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INTRODUCED, READ and PASSED by the affirmative vote of the
City Council of the City of Baytown , this the 24th day of
September, 1992 .
'BOGY q, DILLE, Mayor
ATTEST:
EILEEN F. HALL, City Clerk
el"ACIO RAMIREZ, SR. , Ci y Attorney
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2144
EXHIBIT "A"
DESCRIPTION OF THE PROPERTY
Project, Fund or Item-- Expected Cost,
Described by Character, Ouantity or Size
or Purpose
LAND FOR FIRE STATION $25, 000
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