CC Resolution No. 2073 - Reimbursements RESOLUTION NO.2073
A RESOLUTION OF THE CITY COUNCIL OF TI-It"CITY OF BAYTOWN,
TEXAS,EXPRESSING INTENT TO FINANCE EXPENDITURES TO BE
INCURRED:CONTAINING A REPEALING CLAUSE:CONTAINING A
SAVINGS CLAUSE:AND PROVIDING FOR T11F EFFECTIVE DATE
]'HEREOF.
WHEREAS,the City of Baytown,Texas(the"City")is a political subdivision of the State of
Texas authorized to finance its activities by issuing obligations;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 projects
listed on Exhibit A attached hereto(the"Financed Property"):and
WHEREAS.the City has concluded that it does not currently desire to issue obligations to
finance the costs associated with the Financed Property:and
WHEREAS.the City desires to reimburse itself for the costs associated with the Financed
Property from the proceeds of obligations to be issued subsequent to the date hereof:and
WHEREAS.the City reasonably expects to issue obligations to reimburse itself for the costs
associated with the Financed Property:NOW THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BAYTOR�T,TEXAS:
Section 1:The City reasonably expects to reimburse itself for 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 Financed Property
from the proceeds of obligations to be issued subsequent to the date hereof.
Section 2:The City reasonably expects that the maximum principal amount of
obligations issued to reimburse the City for the costs associated with the Financed Property will be
THREE MILLION ONE HUNDRED THOUSAND AND NO/100 DOLLARS($3,100,000.00).
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repealed to the extent of the conflict only.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 City Council of the City
of Baytown this the 22"d day of June.2010.
-'gAYTO&S P.DONCARLOS,M yor
ATTE/
L•TI IA-GA--arty
APPROVED AS TO FORM:
NACIO RAMIREZ.SR.,Ci torney
VKaren\ilcs\City Council\RcsolutionsLOIOUune 22\ReimbursementResolution.DOC
EXHIBIT A
DESCRIPTION OF PROJECT
Purpose/Proiect Amount
Aquatics Improvements$3,100.000
Exhibit"A,"Page Solo