02-23-95-C-2 - Resolution - 02/23/1995 ~1,~:.~., BOZ~ROWZNO PROCEED~ ....-.,~..~.,:
~;'>-.~.: aZ~Or.,T. TT'rO)T ~TO. 2-23-95-C-2 .,.--,
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· ,,;';~':h~ ~HEREAS, the City of eollecre Station (the "Issuer") desires to
.-'...~.~ pay capitaZ expenditures in connection with the design, planning,
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~f~ .. .... acquisition, construction, equipping, and/or renovating the project or
"~ '~': facilities described in Exhibit A attached hereto (the "Project");
,,,~..,"~ WHEREAS, Article 717k-6, Vernon's Texas C£vil Statutes as }~.
amended ('Article ?17k-6"), permits the Issuer to use the proceeds of
(,~:' .'~: bonds to reimburse the Issuer for costs attributable to the Project
..... paid or incurred before the date of issuance of the bonds; and
.,,i,;:I.,,~$..... . WHEREAS, the Issuer finds, considers, and declares that the
· '"~ reimbursement of the Issuer for the payment of such capital
..~.~; .'~' expenditures will be appropriate and consistent with the objectives of
:---..= the Issuer's programs and, as such, chooses to declare its intention, "-~'~=
~' ' in accordance with the provisions of Section 1.103-18 of the Treasury
Regulations, to reimburse itself for such payments as such time as it
issues obligations to finance the Project.
~;.....__2~....~. NOW, THEREFORE, BE IT RESOLVED BY THE ~ OF THE CITY OF
'~i!~',...~ COLLEGE STATION THAT:
/:;.' ',' Section 1. This Resolution declares the intention of the Issuer
"': ~iD. 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 ~'~"~"J.,-~/~
":'' ,--~' more series of obligations with an aggregate maximum principal amount
,,'...~, now estimated to be equal to $72. 000.00 for the purpose of paying the !,',',','.
~':~'~' costs of the Project. A portion of the proceeds received by the Issuer
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.. c.~ in an amount estimated not to exceed $1.300.000.00, are reasonably
~ expected to be used to reimburse the Capital E=uiDment Fund from which
,,,"'~"'""~.~i such capital expenditures are expected to be made for the Project . b~---~'~"-~'~,,B,.
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~:.~;" .-~- Section 3. The Issuer intends that this Resolution satisfy the ~.~.
official intent requirement s.t forth in Section 1.103-18 of the ..... I'
ev . ce.
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.,.~! The Issuer has no funds or sources of funds, other than the proceeds of b.zi,..l..~,-~ ,,,,.
~.?~ the debt to be incurred, which the Issuer has or reasonably expects to ~!~'~'i
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
~:i~':. expenditures to be reimbursed.
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/. ~'-'-~ Section 4. Ail costs to be reimbursed pursuant hereto will be
'";'"'"--= capital expenditures within the meaning of Section 1.103-18(c) (2) (iii) -~_...
-.'......i...~.j... 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
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~({ "..~' issued by the Issuer in furtherance of th~s Resolution after a date '/~".'%
~:,~ ~ Section 5. ~sons~
~ ma~nwa~ned p ' ' o ' p ' y ,p
~../'~ in accordance with the provisions of Article 6252-17a, Vernon s Texas ~'~.~
%'~ Civil Statute, and that no later than 30 days after th~s date, th~s
~ Resolution will be made available for inspection by all m~ers of the
,,1~i~ ~eneral p~lic at the offices of the Issuer.
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{.~, .~ Section 6. Th~s Resolution shall be l~berally const~ed to _..-,'~
%':~c~ evidence the intent of the Issuer to co~ly with state and federal
,..;:~.~ income tax law in the issuance of tax exert obligations for the
.... ~-- Project
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PASSED ~D APPROVED THIS DAY OF ~, 1995.
~': ~ ATTEST:
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