HomeMy WebLinkAboutPR 19434: FUTURE TAX-EXEMPT OBLIGATIONS P.R. No. 19434
06/24/16 jd
RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PORT
ARTHUR, TEXAS, EXPRESSING INTENT TO FINANCE EXPENDITURES
TO BE INCURRED TOTALING $2,000,000 FROM FUTURE TAX-EXEMPT
OBLIGATIONS
THE STATE OF TEXAS §
COUNTIES OF JEFFERSON AND ORANGE §
CITY OF PORT ARTHUR §
WHEREAS, the City of Port Arthur, Texas (the "City"), is home rule city of the
State of Texas, authorized to finance its activities by issuing obligations pursuant to the
Texas Government Code and Texas Local Government Code, which may include
obligations 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 1986, as amended (the "Code"), or both; and
WHEREAS, the City will make payments with respect to the acquisition of the
project listed on Exhibit A attached hereto (the "Financed Equipment"), although no
such payments have been made prior to the date hereof; and
WHEREAS, the City desires to reimburse itself for the costs associated with the
Financed Equipment and Improvements 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 Financed Equipment and
Improvements listed on Exhibit A attached hereto.
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NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF PORT ARTHUR:
Section 1. That the City hereby declares its intent to reimburse itself for all
costs that will be paid subsequent to the date hereof in connection with the acquisition
of the Financed Equipment and Improvements listed on Exhibit A attached hereto from
the proceeds of tax-exempt obligations to be issued subsequent to the date hereof.
Section 2. That the City reasonably expects that the maximum principal
amount of tax-exempt obligations issued to reimburse the City for costs associated with
the Financed Equipment listed on Exhibit A attached hereto will not exceed $2,000,000.
READ, ADOPTED, AND APPROVED, this day of , 2016
AD, at a Regular Meeting of the City Council of the City of Port Arthur, Texas by the
following vote: AYES:
Mayor:
Councilmembers: ,
NOES: .
Mayor
ATTEST:
Sherri Bellard, City Secretary
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APPROVED AS TO FORM:
Valecia R. Tizeno, City Attorney
APPROVED FOR ADMINISTRATION:
Brian McDougal, City Manager
Jerry Dale, GFOA/CPA
Director of Finance
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EXHIBIT A
DESCRIPTION OF EQUIPMENT
Item or Fund - - Described by Amount — Described by
Character, Type or Purpose Cost, Quantity or Size
Refuse Vehicles and Equipment $2,000,000
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