HomeMy WebLinkAboutPR 15521: BONDS AUTHORIZED FOR IMPROVEMENTS AT CITY PARKS/RECREATIONAL FACILITIESMemorandum
City of Port Arthur, Texas
Finance Department
To: Steve Fitzgibbons, City Manage
From: Rebecca Underhill, Assistant Ci
Date: September 17, 2009
Subject: Resolution # 15521
Proposed Resolution 15521 allows the City to reimburse general funds for purchases and contracts
that are for activities related to bond projects. The City has $8 million in bond authorization
remaining from the 2007 bond election. Included in this authorization is $600,000 For the
renovations at the recreation center. These bonds are expected to be issued later this year.
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P. R. NO. 15521
JJA 09/17//09
RESOLUTION NO.
A RESOLUTION EXPRESSING INTENT TO FINANCE
EXPENDITURES TO BE INCURRED AS IT PERTAINS TO
BONDS AUTHORIZED BY THE VOTERS IN 2007 FOR THE
ACQUISITION, RENOVATION, CONSTRUCTION AND
IMPROVEMENTS OF CITY PARKS AND RECREATIONAL
FACILITIES, AND TO BE ISSUED
WHEREAS, the City of Port Arthur, Texas (the "City"), is a home-rule city of the State of Texas,
authorized to issue obligations to finance its activities pursuant to the Texas Government Code 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
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 property listed on
Exhibit "A" attached hereto; and
WHEREAS, the City desires to reimburse itself for the costs associated with the property listed on
Exhibit A attached hereto from the proceeds oftax-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 property listed on Exhibit A attached hereto.
NOW, THEREFORE, BE TI' RESOLVED BY THE CITY COUNCIL OF THE CITY OF PORT ARTHUR:
Section 1. The City reasonably expects to reimburse itself for all vests that have been or will be
paid subsequent to the date that is 60 days prior to the date hereof and that aze to be paid in connection with
the acquisition, construction, reconstruction or renovation ofthe property listed on Exhibit A attached hereto
from the proceeds oftax-exempt obligations to be issued subsequent to the date hereof.
Section 2. The City reasonably expects that the maximum principal amount of tax-exempt
obligations issued to reimburse the City for costs associated with the property listed on Exhibit A attached
hereto will not exceed $600,000.
Section 3. All resolutions and parts ofresolutions in conflict herewith aze hereby repealed to the
extent of the conflict only.
Section 4. If any word, phrase, clause, sentence, pazagaph, section or other part of this resolution
or the application thereof to any person or circumstance shall ever be held to be invalid or unwnstitutional by
any court of competent jurisdiction, the remainder ofthis resolution and the application ofsuch word, phrase,
clause, sentence, pazagaph, section, or other part of this resolution to any other person or circumstance shall
not be affected thereby.
READ, ADOPTED, AND APPROVED, this day of September, 2009, AD, at a Regulaz
Meeting of the City Council of the City of Port Arthur, Texas by the following vote:
AYES: Mayor:
Councilmembers:
NOES:
Deloris Prince, Mayor
ATTEST:
Terri Hanks, City Secretary
APPROVED AS TO FORM:
Mark Sokolow, City Attorney
APPROVED FOR ADMINISTRATION:
Steve/~Fitzgibbons, City Manager
Rebecca Underhill, Assistant City Manager
Z:~Finan<eUtesolutlons\City of Port Arthm- Reimbursement resolution (21706).DOC
EXHIBIT A
DESCRIPTION OF PROPERTY
Item or Fund--Described by
Character, Type or Purpose
Amount--Described by
Cost, Quantity or Size
Recreation Center Improvements $ 600,000