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MEMORANDUM
From:
Subject:
Date:
Mayor, City Council, City Manager
Mark T. Sokolow City Attorney ~ ~
P. R. No. 12169; Council Meeting of April 29, 2003
April 25, 2003
Attached is P. R. No. 12169 approving the intent of the
Section 4A Economic Development Corporation to finance expenditures
to be incurred (Bond Reimbursement Resolution).
MTS/ts
Attachment
cc:
Director of Finance
Executive Director of EDC
VIA FACSIMILE (409) 724-7585
Jim Wimberley
VIA FACSIMILE (713) 615-5256
Prank McCreary
VINSON & ELKINS
P. R. No. 12169
04/24/03 ts
RESOLUTION NO.
A RESOLUTION APPROVING THE INTENT OF THE
CITY OF PORT ARTHUR SECTION 4A ECONOMIC
DEVELOPMENT CORPORATION TO FINANCE
EXPENDITURES TO BE INCURRED
WHEREAS, the City of Port Arthur Section 4A Economic
Development Corporation (the .Corporation"), is a non profit
industrial development corporation created by the City of Port
Arthur and the Corporation is authorized to issue obligations to
finance its activities pursuant to the Development Corporation Act
of 1979, as amended, and other laws of the State of Texas, 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 Code of 1986, as amended (the "Code");
and
WHEREAB,
the Corporation will make, or has made not more than
to the
60 days prior to the date
acquisition, construction,
property listed on Exhibit
WHEREAS,
hereof, payments with respeCt
reconstruction or renovation
~A" attached hereto; and
the Corporation desires to reimburse itself
of the
for the
costs associated with the property listed on Exhibit ~A" attached
hereto from the proceeds of tax-exempt obligations to be issued
subsequent to the date hereof; and
WHEREAS, the Corporation reasonably expects to issue
exempt obligations to reimburse itself
with the property listed on Exhibit "A"
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tax-
for the costs associated
attached hereto;
OF PORT ARTHUR,
Section 1.
true and correct.
Section 2.
reimburse itself
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
TEXAS=
That the facts and opinions in the preamble are
That the Corporation reasonably expects to
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 listed
on Exhibit "A" attached hereto from the proceeds of tax-exempt
obligations to be issued subsequent to the date hereof.
Section 3. That the City of Port Arthur approves this Bond
Reimbursement Resolution.
Section 4. That the Corporation reasonably expects that
the maximum principal amount of tax-exempt obligations issued to
reimburse the Corporation for costs associated with the property
listed on Exhibit
Section 5.
in conflict herewith
conflict only.
Section 6.
paragraph, section
application thereof
"A" attached hereto will not exceed $600,000.
That all resolutions and parts of resolutions
are hereby repealed to the extent of the
That if any word, phrase, clause, sentence,
or other part of this resolution or the
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
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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 7. That the
determines, and declares that
City Council officially finds,
a sufficient written notice of the
date, hour, place and subject of each meeting at which this
resolution was discussed, considered or acted upon was given in the
manner required by the Texas Open Meetings Act, as amended, and
that each such meeting has been open to the public as required by
law at all times during such discussion, consideration and action.
The City Council ratifies, approves and confirms such notices and
the contents and posting thereof.
Section 8. That a copy of the caption of this Resolution
be spread upon the Minutes of the City Council.
READ, ADOPTED AND APPROVED on this ~ day of
, A.D., 2003, at a Regular Meeting of the City
Council of the City of Port Arthur, Texas, by the following vote:
AYES: Mayor
Councilmembers '
;
NOES:
M~YOR
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ATTEST:
CITY SECRETARY
APPROVED AS TO FORM:
CITY ATTORNEY
APP~~STRATION:
CITY MANAGER
APPROVED AS TO THE AVAILABILITY OF FUNDS:
DIRECTOR OF FINANCE
APPROVED:
CITY OF PORT ARTHUR SECTION 4A
ECONOMIC DEVELOPMENT CORPORATION
EXHIBIT A
DESCRIPTION OF PROPERTY
Item or Fund--Described by
Character, Type or Purpose
IASIS PROJECT:
Acquisition of Land
Engineering and Surveying
Clearing and Grubbing
Amount--Described by
Cost, Quantity or Size
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