R483RESOLUTION NO. 483
RESOLUTION EXPRESSING OFFICIAL INTENT TO REIMBURSE WITH TAX -
EXEMPT OBLIGATION PROCEEDS COSTS ASSOCIATED WITH CERTAIN
CAPITAL IMPROVEMENTS
WHEREAS, the City Council of the CITY OF KENNEDALE, TEXAS (the "City ")
hereby determines that it is necessary and desirable to acquire, construct and improve the following
capital improvements (collectively, the "Projects "):
(i) construct road a bridge improvements in the City;
(ii) purchase land for municipal park purposes; and
(iii) construct and equip improvements and extensions to the City's municipal water and
sanitary sewer system; and
WHEREAS, the City expects that it will pay, from available funds of the City, expenditures in
connection with the Projects prior to the issuance of tax - exempt obligations (the "Obligations ") to
finance the Projects; and
WHEREAS, the City finds, considers, and declares that the reimbursement of the City for the
payment of such expenditures will be appropriate and consistent with the lawful objectives of the
City and, as such, chooses to declare its intention, in accordance with the provisions of Section
1.150 -2 of the United States Treasury Regulations and the laws of the State of Texas, to reimburse
itself for such payments at such time as the City issues Obligations to finance the Projects.
THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
KENNEDALE, TEXAS THAT:
SECTION 1. EXPECTATION TO INCUR DEBT. The City reasonably expects to incur
debt, as one or more series of Obligations, with an aggregate maximum principal amount of
$2,000,000 for the purpose of paying the costs of the Projects; and
SECTION 2. REIMBURSEMENT OF PRIOR EXPENDITURES. All costs to be
reimbursed pursuant hereto will be capital expenditures. No Obligations will be issued by the City
in furtherance of this Resolution after a date which is later than 18 months after the later of (1) the
date the expenditures are paid, or (2) the date on which the property, with respect to which such
expenditures were made, is placed in service.
SECTION 3. THREE-YEARLIMITATION FOR REIMBURSEMENT. The foregoing
notwithstanding, no Obligations will be issued pursuant to this Resolution more than three years
after the date any expenditure which is to be reimbursed is paid.
SECTION 4. INCORPORATION OF RECITALS. The City hereby finds that the
statements set forth in the recitals of this Resolution are true and correct, and the City hereby
incorporates such recitals as a part of this Resolution.
SECTION 5. EFFECTIVE DATE. This Resolution shall become effective immediately
upon passage thereof.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF
th
KENNEDALE, TEXAS THIS 18 DAY OF APRIL, 2016.
ATTEST:
�ea A �4 utw
Leslie Galloway, i y Secretary
APPROVED AS TO FORM AND LEGALITY:
(
Wayne K. Olson, City Attorney
Signature Page to Resolution Relating to
Reimbursement of Costs Incurred for Certain Public Improvements
CERTIFICATE FOR RESOLUTION
I, the undersigned City Secretary of the CITY OF KENNEDALE, TEXAS (the "City "), hereby
certify as follows:
1. The City Council of the City (the "City Council ") convened in Regular Meeting on April
18, 2016 at the designated meeting place (the "Meeting "), and the roll was called of the duly
constituted officers and members of the City Council, to wit:
Brian Johnson, Mayor Mike Walker, Place 3
Charles Overstreet, Place 1 Kelly Turner, Place 4 (and Mayor Pro Tem)
Liz Carrington, Place 2 Frank Fernandez, Place 5
and all of said persons were present, except the following absentees: N/01 E
, thus constituting a quorum. Whereupon, among other business, the
following f � as transacted at the Meeting: a written Resolution No.
V 0 entitled:
RESOLUTION EXPRESSING OFFICIAL INTENT TO REIMBURSE WITH
TAX- EXEMPT OBLIGATION PROCEEDS COSTS ASSOCIATED
WITH CERTAIN CAPITAL IMPROVEMENTS
(the "Resolution ") was duly introduced for the consideration of the City Council. It was then duly
moved and seconded that the Resolution be passed; and, after due discussion, said motion,
carrying with it the passage of the Resolution, prevailed and carried by the following vote:
AYES: NOES: ABSTENTIONS:
2. A true, full and correct copy of the Resolution passed at the Meeting described in the
above and foregoing paragraph is attached to and follows this Certificate; the Resolution has been
duly recorded in the City Council' minutes of the Meeting; the above and foregoing paragraph is a
true, full and correct excerpt from the City Council' minutes of the Meeting pertaining to the passage
of the Resolution; the persons named in the above and foregoing paragraph are the duly chosen,
qualified and acting officers and members of the City Council as indicated therein; each of the
officers and members of the City Council was duly and sufficiently notified officially and
personally, in advance, of the time, place and purpose of the Meeting, and that the Resolution would
be introduced and considered for passage at the Meeting, and each of said officers and members
consented, in advance, to the holding of the Meeting for such purpose; and the Meeting was open to
the public, and public notice of the time, place and purpose of the Meeting was given, all as required
by Texas Government Code, Chapter 551.
SIGNED AND S,� LED the 18 day of April, 2016.
�`rCf- NNEO
Leslie Galloway, Cfty Secretary
(CITY SEAL) ' ®.9 ���•
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