HomeMy WebLinkAboutORD 23-062ORDINANCE NO. 23-052
ORDINANCE DECLARING AN INTENT OF THE CITY TO REIMBURSE ITSELF
FROM PROCEEDS OF CERTIFICATES OF OBLIGATION EXPECTED TO BE
ISSUED BY THE CITY FOR CERTAIN ORIGINAL EXPENDITURES PAID IN
CONNECTION WITH THE CITY'S FINANCING OF DRAINAGE PROJECTS
WHEREAS, the City pursuant to Section 1.150-2 of the Treasury Regulations
desires to reimburse itself from proceeds of certain certificates of obligation reasonably
expected to be issued by the City in connection with the City's financing of certain
drainage improvements functionally related the Long outfall to the Neches River,
including storm drain improvements, all within the City limits (collectively, the "Project")
in one or more series in an aggregate maximum principal amount not to exceed
$7,300,000;
NOW, THEREFORE, BE IT ORDAINED
BY THE CITY COUNCIL OF THE CITY OF BEAUMONT, TEXAS:
Section 1. The City Council hereby finds and adopts the recitals set forth above.
Section 2. The City hereby declares its intention to issue its certificates of obligation to
reimburse itself for various costs and expenditures paid in connection with the Project,
in an aggregate principal amount not to exceed $7,300,000 for the expenditures
described in the recitals hereof.
The City has paid for, and reasonably expects that it will pay for, such costs and
expenditures in connection with the Project from monies on deposit in various funds
including the General Fund and the Streets & Drainage Capital Fund which are both tied
to the Concentration Checking Account and future funds designated for such purpose
Section 3. if any Section, paragraph, clause or provision of this Ordinance shall for any
reason be held to be invalid or unenforceable, the invalidity or enforceability of such
section, paragraph, clause, or provision shall not affect any of the remaining provisions
of this Ordinance.
Section 4. It is hereby found, determined and declared that a sufficient written notice of
the date, hour, place and subject of the meeting of the City Council at which this
Ordinance was adopted was posted at a place convenient and readily accessible at all
times to the general public at the City for the time required by law preceding this
meeting, as required by the Open Meetings Act, Chapter 551,
Texas Government Code, as amended, and that this meeting has been open to the
public as required by law at all times during which this Ordinance and the subject matter
thereof has been discussed, considered and formally acted upon. The City Council
further ratifies, approves and confirms such written notice and the contents and posting
thereof.
Section 5. All prior orders, resolutions, and ordinances, or parts thereof, inconsistent
herewith are hereby repealed to the extent of such inconsistency.
PASSED BY THE CITY COUNCIL of the City of Beaumont this the 22nd day of
August, 2023.
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