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CC Resolution No. 1908 - Intent to Finance Wayne Gray Sports Complex RESOLUTION NO. 1908 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BAYTOWN, TEXAS, EXPRESSING INTENT TO FINANCE EXPENDITURES TO BE INCURRED; C:ONTAINiNG 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'tile 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 ti-om gross income for federal income tax purposes("tax-exempt obligations")pursuant to Section 103 of the Internal Revenue of Code 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, 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 renovations ofthe 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 RESOLVED 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 lion 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 TWO HUNDRED THOUSAND AND NO/100 DOLLARS ($200,000.00). Section 3. All resolutions and parts of resolutions in conflict herewith are hereby repealed to the extent of the conflict only. Section 4. I f 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 City Council of the City of Baytown. INTRODUCED,READ and PASSED by the affirmative vote of t City Council of the City of Baytown this the 10`l' day of January, 2008. OF BAYTp� TEPHEN H. DONCARLOS, Mayor Co AT S ' VIN KNA , nterim City lerk APPROVED AS TO FORM: ACIO RAMIREZ, S City Attorney R:\Karen\Files\City Council\ltesolutions\2008danuary IO\ReimburscmentResolution4AyuaticFacilitics.DOC 2 i EXHIBIT A DESCRIPTION OF PROPERTY Item or Fund--Described by Amount--Described by Character, Type or Purpose Cost, Quantity or Size Aquatic Facilities at Wayne Gray Sports Complex $200,000 i f Exhibit"A."Page Solo {