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.