HomeMy WebLinkAbout12-16-08-2e - Resolution - 12/16/2008RESOLUTION NO. 12- 16 -08 -2e
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, heretofore the City has issued obligations in the aggregate principal amount of $3,600,000 to
fund expenditures in connection with the Project;
Project;
WHEREAS, the budget for the Project has been increased to pay additional costs with respect to the
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 $3,100,000, 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 16th DAY OF DECEMBER, 2008.
Ben White, Mayor
ATTEST:
Connie Hooks, City Secretary (Seal)
Resolution No. 12- 16 -08 -2e
APPROVED:
4 M ar urst & on L.L.P.
Bond Counsel
Resolution No. 12- 16 -08 -2e
Exhibit "A"
The projects to be financed that are the subject of this Statement are:
Water Well Land Acquisition