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CC Resolution No. 2761 RESOLUTION NO. 2761 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BAYTOWN, TEXAS, AUTHORIZING ADVANCE FUNDING AND EXPRESSING INTENT TO FINANCE EXPENDITURES TO BE INCURRED FOR STORMWATER DRAINAGE PROJECTS; AND AUTHORIZING THE EFFECTIVE DATE THEREOF. WHEREAS, the City of Baytown, Texas (the "City") is a home rule municipality and 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 projects listed on Exhibit "A" attached hereto (collectively, the "Financed Project"); and WHEREAS, such payments may be made in multiple phases as part of various stormwater drainage projects that are being cost-shared with Harris County, Texas; and WHEREAS, in certain circumstances, federal and/or state law requires that the City express its official intent to issue obligations to reimburse itself for expenditures paid prior to the issuance of such obligations in order for such expenditures to be eligible for reimbursement from proceeds of such obligations; and WHEREAS, the City desires to reimburse itself for the costs associated with the Financed Project 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 Project; and WHEREAS, Section 1.150-2(d)(2) of the Treasury Regulations sets forth limitations regarding the timing of reimbursements made from the proceeds of certain tax-exempt obligations; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BAYTOWN, TEXAS: Section l: That the City reasonably expects to reimburse itself for costs that have been or will be paid subsequent to the date that is sixty (60) days prior to the date hereof and that are to be paid in connection with the Financed Project from the proceeds of obligations to be issued subsequent to the date hereof. Section 2: That the City reasonably expects that the maximum principal amount of obligations issued to reimburse the City for the costs associated with the Financed Project will not exceed the amounts identified in Exhibit A. Section 3: That unless otherwise advised by bond counsel, any reimbursement allocation will be made not later than eighteen (18) months after the later of (1) the date the original expenditure is paid or (2) the date on which the Financed Project to which the expenditure relates is placed in service or abandoned, but in no event more than three (3) years after the original expenditure is paid. INTRODUCED, READ and PASSED by the affirmative vote of the City Council of the City of Baytown this 151^ day of November, 2021. DON CAP TI L , Mayor ATTEST: ANGELX JACKSON, City Clerk' + yY^w i.z ( -nip 'f SCPt f \ ) APPROVED AS TO FORM: K,UMN L. HORNER, City Attorney EXHIBIT A DESCRIPTION OF PROJECT Purpose/Project Amount The design, construction, acquisition, equipment, and $25,000,000 improvement of stormwater drainage projects.