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HomeMy WebLinkAbout3-11-2004-11.03 - Resolution - 03/11/2004RESOLUTION NO 3-11-2oo4-11.o3 A RESOLUTION BY THE CITY COUNCIL OF THE CITY OF COLLEGE STATION, TEXAS, DIRECTING PUBLICATION OF NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION, SERIES 2004, AND PROVIDING AN EFFECTIVE D~.TE WHEREAS, the City of College Station (the "City") expects to pay expenditures m connection with the design, planning, aeqmsmon and construction of the projects described in "Exhibit A" to this Resolution prior to the issuance of the Certificates of Obligation hereinafter described, and WHEREAS, the City Council hereb5 finds, considers and declares that the reimbursement of the payment by the City of such expenditures will be appropriate and consistent with the lawful objectives ofthe C~ty and, as such, chooses to declare its intention, in accordance with the provisions of Section I 150-2 of the U S Treasury Regulations, to reimburse itself for such payments at such time as tt issues the hereinafter described Certificates of Obligation, and WHEREAS, it is hereby officmlly found and determined that the meeting at which this Resolunon was considered was open to the public, and public notice of the ume, place and purpose of said meeting was given, all as required by Chapter 551, Texas Government Code NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF COLLEGE STATION, TEXAS Section I That attached hereto and marked "Exhibit A" is a form of notice, the form and substance of which are hereby passed and approved Section 2 That the Cit~ Secretary shall cause said notice to be published, in substantially the tbrm attached hereto, in the Bryan-Colleo~e Station Eagle, a newspaper ofgeneral circulation iii the City of'College Station, Texas, for two consecutive weeks, the date of the first publication to be betbre the fourteenth day before the day tentat,,,ely proposed tbr authorizing the issuance of the Certificates of Obhgatlon as shown in said notice Section 3 That the facilities and improvements to be financed with proceeds from the proposed Cemficates of Obhgatton are to be used for the purposes described m the attached Notice of Intention Section 4 That all costs to be reimbursed pursuant to this Resolution udll be capital expenditures, the proposed Certificates of Obhgation shall be ~ssued within 18 months ofthe later of (,) the date the expenditures are paid or (u) the date on which the property, with respect to which such expendmires were made, is placed in service, and the foregoing notwithstanding, the Certificates of Obhgauon will not be issued pursuant to this Resolution on a date that is more than three ~ears after the date any expendm, re whmh is to be reimbursed ~s paid Section 5 That this Resolution shall be effective immediately upon passage and adoption PASSED AND APPROVED THIS 1 lth day of March, 2004 AT. ST Con- '~nl'~ Hooks, City ~e~r~tary (Seal) APPROVED EXTtlBIT A NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION NOTICE IS HEREBY GIVEN that tt ~s the ~ntentJon o£the City Councd of the C~ty of College Station, Texas, to ~ssue one or more series ofthe interest beanng certificates ofobhgat~on of the C~ty to be enmled "C~ty of College Station, Texas Certificates of Obhgat~on", for the purpose of paying contractual obhgat~ons to be recurred by the C~ty, to-wit, construction ofimprovements and extensions to the City's electric, waterworks and sewer system, construction of streets, drainage ~mpro~ements, street hghtmg, and water and sewer ~mprovements m the C~ty, including the area of the C~ty located at the northeast szde of Faghway 6 and the northwest s~de of Greens Prairie Road, and the payment of fiscal, engineering and legal fees recurred in connection there~s~th The Cny Council tentatively proposes to authorize the tssuance of said sertes I one or more) ofCemficates of Obhgat~on at ~ts regular meeting place m the C~ty Hall at a meeting to commence at 7 o'clock, p m, on the 22nd day of April, 2004 The maximum amount of Cemficates of Obhgat~on indebtedness that may be authorized to be sold on said date for such purposes described above ~s $9.500,000 The C~ty Council presently proposes to provide for payment ofsa~d series lone or more) of Certificates of Obhgauon from the levy. of taxes and from a hmzted surplus revenue pledge (not to exceed $1~000) derived from the operation of the C~ty's electnc, waterworks and sewer systems CITY OF COLLEGE STATION, TEXAS /s/Ron Sflwa Mayor