HomeMy WebLinkAboutRES.658.08-19-1991 BILL NO. 9I-183 R.ESOLUTTpN N0. �0�8
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RE80�,UTZON DE�RMINING THE INTENT OF THE
CITY OF CAPE GIR.ARDEAU, MISSOURZ, TO INCUR
CERTAIN �X�ENDITt7RES IN C�NNECTION WITH THE
ACQUISxTION, CONSTRUCTZQN, EXTENS�ON AND
IMPRO'U'E:MENT OF A WATERWORKS SYSTEM IN THE
CITY AND TO R.EIMBURSE THE CITY FOR SUCH
EXI�ENDITiIRES FROM PTtOCEEDS OF TAX-EXENLPT
BONDS TO BE XSSUED BY THE CITY.
j1TF-iER�AS, the City of Cape Girardeau, Missouzi (th� "Ci.ty" ) ,
is authorized under its Charter and the Constitutian �nd laws
oE �Yie State o£ Missouri , to acquire by purchase and operate a
wa�er���orks sys�em for �h� benefi� of inhabitants o£ the City
and others ; and _
i�lI�iEREAS, the C�ty Council of the City has determzn.ed that
i.t is desirable ar_d in the besL znterests of the City to
acquire a waterworks system in �he City currently owned and
operated by Union c�lectriG Company, which acquisition will
include the entire waterworks plant and system for the
pxoduction, scorage, trea�ment and distribution o£ water ,
incl.uding al� ap�urtenances and facilities cor.nected therewith
or r�lating thereto (the "Syst�m" ) ; and
WHEREAS, the City inter_ds to hold a special bond e7.ection
on �cvember 5 , 1991, for the purpose af submi.tting to the
quali��ed vo�ers of �he City the questi.on af whether to issue
tYie waterwarks system rever.ue bands of ti�e City in the
approximate principal a;r:ount of $1]., 800 , Q40 (tne "�onds" ) to
pay the costs o� acquzxing, constructing, e�stendiriq and
improving thE System (�h? "?rojeCt" } ; and
WHEREAS, �he Ci�y Cauncii of �he City h�as deterrnined �hat
funds are av�i ].abl� for a ternporary period to� pay certain cost�
a£ the Proj2ct on and after th� date hereof {tne
"��pendi�ures" ) and it is nec�ssary to reimburse the City for
such Expenditures frorn the proceeds of such Bonds; and
WHEREAS, as of th.e da�e hereo� , there are no funds of tne
City or of any other enti�y that is part of the Controlled
graup of entities of which tne City is a part (th� "Controlled
Gzoup" ) , �hat are, oz are reasonably expected to be, a?located
on a lonq-terrn basis , reserved or otherwise avail�ble pursuan�
to *Yze budgets of the City or o£ any o�her entity �hat i.s part
o� the Cantrolled Group to finance the project;
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NOW, THEREPORE, BE �T RESO�`1ED BY TH� ��2TY COUNCIT� OF THE
CITY �F CAPE GZRAR�EAU, n'IISS�URX, AS FOLUO`✓�IS :
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� $�c�ion 1 . Th.e City Caunci.l h�r�by determines and decJ.ares
tl�e intent of the City to finance the certain costs of the
� Project and to reimburse itself for Expenditures made on and
af�er the date hereo£ with respect to the Project out o£ the
proceeds of said Bonc3s , �he interest on which Bonds wi11 be
exC�udible from gross inCome und�r S�Ction 103 4f the Internal
Revenue Code of 1986 , as amended.
' Section 2 . The Project inciudes the expenditure of
appro$imately �8 , 50Q , 000 zo acquire the Sys�em and
approximately �1 , 000 , 000 to improve the water treatment plant
and extend and improve distribution mains .
Section 3 . A11 property �hat wil]. become part of the
Project will have an econornic li�e of a� least one year, -
det�rmined as of the earlier of the date of issuance of the
aonds or the date on whicn the Pro�ec� is placed in service .
I �ecta.on 9 . The City expects to pay certai� prelim�.nary
�xnenditures made with respect to �ne Project from qenera? tax
revenues , to pay the remazning costs of the Project from Bond
proceeds and to pay debt service on th� �onds from revenues
deri�red frorn operation o� the System.
Section 5 . The adoption of this Resalution is cons�.stent
with the ��dgetary art3 fznancial circumstances of the City and
all Qtr1Er' entities that are pazt of �ne Controlled Group.
Sec�ion 6 . The City is hereby authorized to proceed with
the Project , inCludir.q the entering of contracts and purchase
orders in co.2nec�i.cr. therewith, and� to advance stach funds as
may be necessary to accompizsh sucn purposes and, to the extent
per7ni�ted b}= law, tr,e City may reimburse itse�f for all
Expendztures pazd or incurred tnerefor out of the proceeds of
�he Bo�ds .
S�ct�an 7 . The Ci,ty shaZi adOpt such resolutions or
ordinances and authoziz� the executzor, and deliver� ot such �
znstrurnents and th� taking of such aczi.on as may be necessary
or ad�isab�e for tne authori.zation and issuance of said Bonds
anr3 take or cause to b� taker. such other action as may be
required to implement tne afor�said .
S��t�.on 8 . This Resolution sha?1 be placed in tn� offiCzai
records o£ the Cicy and, beginnir.g 10 day�s after the dat�
hereof and enaing on the date of issuanc� of the Bonds, srall
be made reasonably and continuously avazlable du��.r.g norma7.
busi.ness hours for puplic inspection in the office of the City
Clerk. ,
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�ection 9 . This Re�solutior: shal� take et£ect and be in '�
full force immediately af�er its adop'tion by the City Council .
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� Adapted by the City Council of the City o� Cape Girardeau,
�Missouri , this l9th day of Auqus�, 1991.
�
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Mayor .
{Seal)
ATTEST: - � �
-: e uty City Cle k
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