01-14-21-4.10 - Resolution - 05/19/2021REsoLunoNNo. Dl-lLl-dJ-4.1 a
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 $7,115,000, 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 prope11y, 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 14th DAY OF January, 2021.
ATTEST:
(Seal)
APPROVED:
I
Bond Counsel
Exhibit "A"
The projects to be financed that are the subject of this Statement are:
Woodson Village Utility Rehabilitation ($7,115,000)
This project includes the rehabilitation of water and wastewater lines in the Southgate area, in the vicinity
of Haines Drive, Glade Street, Dexter Drive, and Timm Drive. The sanitary sewer lines need replacement
due to an increase in service disruptions caused by deteriorating lines, shallow lines, and poor access to
main. The water distribution lines need replacement due to an increase in service disruptions caused by
deteriorating lines and inadequate fire protection due to the existence of smaller lines within the
respective area.
The project was originally bid in early 2020. Prior to submitting a construction contract to Council for
approval, COVID-19 hit locally, and Water and Wastewater Services chose to delay the construction of
the project until FY 21. The project was rebid via competitive sealed proposals in the fall of 2020.