HomeMy WebLinkAbout03-12-09-2c - Resolution - 03/12/2009RESOLUTION NO. 03- 12 -09 -2r
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, planning,
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 the
Treasury Regulations, to reimburse itself 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 $30,000, for the purpose of paying 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 12th DAY OF MARCH, 2009.
Ben White, Mayor
ATTEST:
Resolution No. 03- 12 -09 -2c
ity Secr ry (Seal)
APPROVED:
Resolution No. 03- 12 -09 -2c
Exhibit "A"
The projects to be financed that are the subject of this Statement are:
Fencing for the Current Joint Park Properties / School Playgrounds Located at the Pebble Creek
Elementary and Rock Prairie Elementary Schools.
LAW OFFICES
MC-CALL, PARKHURST & HORTON L.L.P.
600 CONGRESS AVENUE
SUITE 1800
AUSTIN, TEXAS 78701-3248
TELEPHONE: 512 478 -3805
FACSIMILE: 512 472 -0871
717 NORTH HARWOOD
SUITE 900
DALLAS, TEXAS 75201 -6587
TELEPHONE: 214 754 -9200
FACSIMILE: 214 754 -9250
700 N. ST. MARY'S STREET
SUITE 1525
SAN ANTONIO, TEXAS 78205-3503
TELEPHONE: 210 225 -2800
FACSIMILE: 21022S-2984
March 4, 2009
Ms. Carol Thompson
Budget Director
City of College Station, Texas
1101 Texas Avenue
College Station, Texas 77840 -2499
Re: City of College Station, Texas - Reimbursement Resolution
Dear Carol:
Enclosed please find the executed reimbursement resolution, to be acted upon by the City
Council at its March 12, 2009 meeting.
Very truly yours,
MVey PARKHURST & HORTON L.L.P.
Leuschel
Enclosure