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HomeMy WebLinkAbout12-10-92-3.18 - Resolution - 12/10/1992 · '..~-..~-EIESOI. UTION DECLARING INTENTION TO REIMBURSE CERTAIN EXPENDITURES~.-.~.>' · ~"-. '. ~ WITH BORROWING PROCEEDS ~ ~'~."' . ',' .... .,~ 2~-' ~-'~ PASSED AND APPROVED THIS 10~ DAY OF DECEMBER, 1992. ,,~: ~ ._ ~__ ~ . . · ~ -'~. RESOLUTION NO. WHEREAS, the City of College Station, Texas (the "Issuer") desires to pay for capital:~--j~' expenditures in connection with the design, planning, acquisition, con,s, truction,; equipping, v e o ac lit,es descnbed in Exhibit A attached hereto (the Project, )' reno atingtheproj ct rf i ' ' ' e 1 6" er its WHEREAS, Article 717k-6, Vernons Texas Civil Statutes, as amende.d. ( Articl 7 7k- ),.p m'. the Issuer to use the proceeds of bonds to reimburse th.e Issuer for costs attributable to the Project pa~d on incurred before the date of ~ssuance of the bonds, and WHEREAS, the Issuer finds, considers, and declares that the reimbursem.ent .of. the Is.s. uer. for th_,e payment of such capital exl~endituras will be appropriate and consistent with the oojecTives of Tne msuer s programs and, as such, chooses to declare its intention, in accordance with the provisions of Secfion,,,,~ 1.103-18 of the Treasury Regulations, to reimburse itself for such payments at such time as it issues obligations to finance the Project. NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF COLLEGE STATION, TEXAS THAT: Section 1. This Resolution declares the intention of the Issuer to reimburse the expenditures for the Project with the proceeds of a borrowing. The Issuer presently intends to reimburse the expenditure by incurring debt the interest on which is excludable from gross income under section 103 of the Internal Revenue Code of 1986, as amended. Section 2. The Issuer reasonably expects to incur debt, in one or more series of obligations, with an aggregate minimum principal amount now estimated to be equal to $ 2,000,000 for the purpose of paying the costs of the Project. A portion of the proceeds received by the Issuer in an amount estimated not to exceed $245,000, are reasonably expected to be used to reimburse the 1994 General Obligation Fund from which such capital expenditures are expected to be made for the Project. Section 3. The Issuer intends that this Resolution satisfy the official intent requirement set forth in Section 1.103-18 of the Treasury Regulations and evidences its intentions under Article 717k-6. The Issuer has no funds or sources of funds, other than the proceeds of the debt to be incurred, which the Issuer has, or reasonably expects to be reserved, allocated on a long term basis, or otherwise set aside in the Issuer's budget or other financial policies with respect to the expenditures to be reimbursed. Section 4. All costs to be reimbursed pursuant hereto will be capital expenditures within the meaning of Section 1.103-28(c)(2)(iii) of the Treasury Regulations. None of the expenditures to be reimbursed pursuant to this Resolution have been allocated to expenditures entered on the books and records of the Issuer earlier than the date on which such expenditures are paid. Moreover, no debt obligations will be issued by the Issuer in furtherance of this Resolution after a date which is later than one year 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 5. The issuer declares that this Resolution will be maintained as a public record available for inspection by all persons in accordance with the provisions of Article 6252-17a, Vernon's Texas Civil Statutes and that no later than 30 days after this date, this Resolution will be made available for inspection by all members of the general public at the offices of the Issuer. Section 6. This Resolution shall be liberally construed to evidence the intent of the Issuer to comply with state and federal income tax law in the issuance of tax exempt obligations for the Project. EXHIBIT 'A' Property Description BID %93-08 Pedestrian crossing signal heads and accessories to be installed at various intersections throughout the City. Property includes (182) signal heads with mounting hardware, pedestrian control signs, pushbutton assemblies and signal cable.