HomeMy WebLinkAbout06-25-20-3.7 - Resolution - 06/25/2020RESOLUTION NO . 0(:,-~S-~o-~-7
RESOLUTION DECLARING INTENTION TO REIMBURSE CERTAIN EXPENDITURES WITH
PROCEEDS FROM DEBT
WHEREAS, the City of College Station , Texas (the "City") is a home-rule municipality and
political subdivision of the State of Texas;
WHEREAS, the City expects to pay expenditures in connection with the design, plannin g,
acquisition and construction of the projects described on Exhibit "A" hereto (collectively, the "Project")
prior to the issuance of obligations by the City in connection with the financing of the Project from available
funds;
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 th e
Treasury Regulations, to reimburse its e lf for such payments at such time as it issues obligations to finance
the Project;
THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF COLLEGE
STATION, TEXAS THAT:
Section 1. The City reasonably expects it will incur debt, as one or more series of obligations,
with an aggregate maximum principal amount not to exceed $2,000 ,000 , for the purpose of payin g the
aggregate 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 Statement 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 Statement more than three years after the date any expenditure which is to be reimbursed is paid.
PASSED AND APPROVED THIS 25th DAY OF June, 2020.
ATTEST:
(Seal)
APPROVED:
c hurst & Ho1ion L.L.P.
Bond Counsel
Exhibit "A"
The projects to be financed that are the subject of this Statement are:
ST2002 and W A2000001 Luther Street Rehab -Marion Pugh to Penberthy ($2,000,000)
This project includes the reconstruction of Luther Street from Marion Pugh to Penberthy. The
construction will include a 2 lane major collector concrete roadway section with storm sewer and
sidewalks and waterline infrastructure rehabilitation.