Res 2006-039 - Laserfiche WebLink

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I I I 1 71 . RESOLUTION NO. ?nnh-1qR A RESOLUTION BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS AUTHORIZING REIMBURSEMENT FOR COSTS RELATING TO THE CONFERENCE CENTER FACILITIES WHEREAS, the City Council of San Marcos, Texas (the "City") expects to pay expenditures in connection with the project described on Exhibit A attached hereto (the "Project") prior to the issuance of obligations to finance the Project; 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 Treasury Regulations, to reimburse itself for such payments at such time as it issues obligations to finance the Project; BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: Section 1. The City reasonably expects to incur debt, as one or more separate series of various types of obligations, with an aggregate maximum principal amount not to exceed $22,000,000 for the purpose of paying the costs of the Project. Section 2. All costs to be reimbursed pursuant hereto will be capital expenditures. No tax-exempt 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. The foregoing notwithstanding, no tax-exempt obligation will be issued pursuant to this Resolution more than three years after the date any expenditure which is to be reimbursed is paid. [Execution Page Follows] SANMARCOS2006:ConvCenterCostsRes