Loading...
04-11-24-8.1 - Resolution - 04/11/2024RESOLUTION NO. 04-11-24-8.1 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 $12,275,400, 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 11th DAY OF April, 2024. _______________________________ John Nichols, Mayor ATTEST: _________________________________ Tanya Smith, City Secretary (Seal) Exhibit "A" The project to be financed that are the subject of this Statement is: Lincoln Avenue Rehabilitation ($12,275,400) This project will rehab the pavement and utilities along Lincoln Avenue from Texas Avenue to University Drive. This project will include demo existing asphalt section and replace with new concrete pavement section. The project will also rehab the existing subgrade, street concrete aprons, ADA ramps, striping, and utilities. A right turn lane will be added to the intersection at University Drive and signal modifications will be required.