CC Resolution No. 1881 70
RESOLUTION NO. 1881
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BAYTOWN,
TEXAS, AUTHORIZING THE MAYOR TO MAKE APPLICATION TO THE
STATE FOR TWO LOANS IN THE AMOUNT OF ONE MILLION AND NO/100
DOLLARS EACH THROUGH THE STATE INFRASTRUCTURE BANK FOR
FUNDING A PORTION OF THE FLYOVER FROM SPUR 330 TO STATE
HIGHWAY 146 SOUTH; AUTHORIZING THE MAYOR TO TAKE FURTHER
ACTION TO SECURE THE LOANS;AND PROVIDING FOR THE EFFECTIVE
DATE THEREOF.
WHEREAS,the City of Baytown intends to enter into an advanced funding agreement with
the State for the construction of the direct connectors and braided ramp from Spur 330 to State
Highway 146 South; and
WHEREAS, pursuant to the agreement, the City will participate in the project by
contributing a fixed sum of$2,000,000 to be used as a contribution toward construction, which
funds will supplement state funds and facilitate the implementation of the project; and
WHEREAS, the City proposes to obtain two loans in the amount of ONE MILLION AND
NO/100 DOLLARS each through the State Infrastructure Bank(SIB)to fund the City's participation;
and
WHEREAS,the first loan will be repaid by the City with Baytown Municipal Development
District("MDD") funds in annual payments included in the 2007-2008 adopted budget, subject to
the approval of an interlocal agreement between the City and the MDD; and
WHEREAS, the second loan will be repaid by the City through either General Obligation
Bonds or funds in the General Fund CIPF; NOW THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BAYTOWN, TEXAS:
Section 1: That the Mayor of the City of Baytown is hereby authorized to make
application to the State for two loans each in the amount of ONE MILLION AND NO/100
DOLLARS through the State Infrastructure Bank (SIB) to fund the City's participation in the
construction of the direct connectors and braided ramp from Spur 330 to State Highway 146 South.
Section 2: That the Mayor of the City of Baytown is hereby authorized to take further
action to secure the loans.
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 oft e City Council of the City
of Baytown this the 131" day of September, 2007.
EPHEN H. DONCARLOS,Mayor
5CO
Y, City Clerk
APPROVED A TO FORM:
ACIO RAMIREZ, SR.,eorney
R.AKarenrpilcsVCity Council',Resolaponsl2007HSeptember 13,SIB�uar..1pphcation.doc
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