04-22-93-2.8 - Resolution - 04/22/1993/ .' .". RESOLUTION DECLARING
IHTENTION TO REIMBURSE CERTAIN ElrpENDITUR~S
'i,',,..,TM ~ WITH BORROWING PROCEEDS [-',._~,~;'
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'.'""'-,-- RESOLUTION NO. 4-22-93-2.8
/ .-~-_., ~-.. ~
.~... WHEREAS, the City of College Station, Texas (the "Issuer")~
(,.il ._,desires to pay for capital expenditures in connection with the
<..:_ design, planning, acquisition, construction, equipping, and/or
;-.-.-.~' renovating the project or facilities described in Exhibit A
'".]'~'{ attached hereto (the "Project" ); ,...~..
<"[ i' :?;!"
-' WHEREAS, Article 717k-6, Vernon's Texas Civil Statutes, as
amended ( "Article 717k-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;,.--., \
!,>i~.; the bonds; and ;,.__.
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~S~.<,.!~:--" ~ ~'~
~ objectives of the Issuer's programs and, as such, chooses to-- - ;L
""-:" declare its intention, in accordance with the provisions of
{?.'~. Section 1.103-18 of the Treasury Regulations, to reimburse itself~.:
~,' · for such payments at such time as it issues obligations to;,~t.[--~ '
"---' finance the Project.
'",'~' NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF COLLEGE '~'--"~
f~.~--.;', STATION, TEXAS THAT-'
'"'""' Section 1. This Resolution declares the intention of the!~
ii, f.:_. 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
o__ is excludable from gross income under section 103 of the Internal ~.~
i,~'..' Revenue Code of 1986, as amended. '-'-
<:i". Section 2. The Issuer reasonably expects to incur debt, in'" .-"
~.. one or more series of obligations, with an aggregate minimumS.-.-.'
principal amount now estimated to be equal to $900,000 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,~L.,,.
/.Y!'-'.-' ~xceed $88,000, are-reasonably expected to be used to reimburse[.~a-:'<
,/,"~" the 1982-II General Obligation Bond Fund from which such capital"~-~
~'..'r/. expenditures are expected to be made for the Prelect. ':'.-
.(~/~' Section 3. The Issuer intends that this Resolution satisfy ~
~,~,-the official ~ntent requirement set forth ~n Section 1.103-18 of :--'~
~the Treasury Regulations and evidences its intentions under ~.~
~lArticle 717k-6. The Issuer has no funds or source of. funds, t~ ....
~,~other than the proceeds of the debt to be incurred, which the~
V'3~_;Issuer has, or reasonably expects to be reserved, allocated on
'<~',.... lond= term basis, or othe~ise set aside in the Issuer's. budget or~'~/
'~other financial policies with respect to the expenditures to be
",,,,,,~t boon allocated to oxpondiguro~ ongorod on gho book~ and r~cord~ ~
of tho I~uor ~arl~er than gho dado on which ~uch oxpond~guro~.~'",',.,.
later ghan ono 7oar after tho lator of (1) tho dat~ gh~
oxpond~guro~ aro paid or (2) gho dago on which gho proporgT~ w~gh~
· oxa~ C~v~l Sgagu~o~ and that no later ~han 30
~nspoeg~on b7 ali ~er~ of ghe ~onoral public ag gho off~co~ of
Section 6. This Resolution shall be liberally construed to~~''''':'
~ ,~ 'i evidence the intent of the Issuer to comply with state and ....
. .' federal income tax law in the issuance of tax exempt obligations .i../:
'"'- for the Project
PASSED AND APPROVED THIS 22nd DAY OF April ,._
.... ~ ~ ATTEST ~ APPROVED: .
EXHXBIT 'A'
PROPERTY DESCRXPTXON
Expansion and renovation of Central Park Office, as follows:
Office area expansion for the planning section;
Restroom renovations to allow for handicap accessibility;
Expansion of copy room;
Interior remodeling including painting and addition of
shelving in the existing administration section.