CC Resolution No. 2040 - FinanceExpenditures2BIncurred RESOLUTION NO.2040
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BAYTOWN.
TEXAS,EXPRESSING INTENT TO FINANCE EXPENDITURES TO BE
INCURRED;CONTAINING 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
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/project 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 acquisition.
construction,reconstruction or renovation of the property/project 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/project 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/project
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/project listed
on Exhibit"A"attached hereto will not exceed TWO MILLION ONE HUNDRED SEVENTEEN
THOUSAND AND NO/100 DOLLARS($2.117,000.00).
Section 3.All resolutions and parts of resolutions in conflict herewith are hereby
repealed to the extent of the conflict only.
Section 4.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.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 ity Council of the City
of Baytown this the 28`h day of January.2010.
ow r
S EPHEN H.DONCARLOS,Mayor
ti
ES
LETICIA GARZ City Uer
APPROVED AS TO FORM:
G ACIO RAMIREZ,S-ity Attorney
R WarenWileACity CounciMesolutions\20 I Wanuary 28UteimbursementResolution.DOC
Exhibit`'A:'Page Solo
EXHIBIT A
DESCRIPTION OF PROPERTY/PROJECT
Item or Fund--Described by Amount--Described by
Character.Type or Purpose Cost.Quantitv or Size
EMS Station on S Main-Expansion 100,000
Aquatics Improvements 500,000
911 Center and Fiber Upgrade 500.000
Extension of Baker Road 750,000
Sidewalks Near Parks&Schools 100.000
Beautification 167.000
Total 2 7 0
Exhibit"A."Page Solo