06-12-23-9.10 - Resolution - 06/12/2023RESOLUTION NO. 06-12-23-9.10
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 $7,000,000, 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 June, 2023.
_______________________________
John Nichols, Mayor
ATTEST:
_________________________________
Tanya Smith, City Secretary (Seal)
Exhibit "A"
The project to be financed that are the subject of this Statement is:
Bachmann Little League and Senior League/Soccer Buildings ($7,000,000)
Existing restroom and storage facilities servicing the Bachmann Senior League/Soccer Fields and
Bachmann Little League Fields were constructed in 1984 and 1994. The project will demolish the existing
structures and build new facilities with expanded restrooms, concessions areas, and storage for user
groups.
The project was approved via the City of College Station’s November 2022 General Obligation Bond
Election. This project was approved as part of Proposition D.