12-10-92-14 - Resolution - 12/10/1992 t,.~ t ',.%
%:.~_,.' WHEREAS, the City of College Station, Texas on the
--,,i,~--~ 12th day of November, 1992 authorized the Mayor City
.,..,.~4 Manager and City Attorney to negotiate a contract for
· ." the purchase of 10.41 acres of land in the Wolf Pen
Creek Park Corridor (hereinafter referred to as the
~,?,,~{ Property); and
( WHEREAS, on the 10th day of December, 1992, the
] City Council was presented a contract for the purchase
( of the Property; and
.... WHEREAS, the City Council of the City of College
i a.~i Station is in agreement with that purchase price and
,~,.:7~{ has funds available for that purchase;
/~'~'. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL
~2:.~__~ OF THE CITY OF COLLEGE STATION that the Mayor of the
"' City of College Station is authorized to execute the
contract and the City Manager and City Attorney are
Q._. ': authorized to complete the purchase of the Property.
Although the City of College Station intends to finance
",','."~i the Property through the issuance of obligations of the
,. City of College Station, the interest on which is ex-
~!i'" I'~ empt from the gross income of the holders for federal
.... ~. income tax purposes, the City of College Station in-
· ~"':"% tends to aggregate certain of its financings to accom-
'~ii"-~ plish a more efficient and effective long term ffnanc-
~,'~ lng package. Accordingly, the City of College Station
will use money on hand and lawfully available for the
~,,,,~.,,,..,.., interim financing of the Property reserving the right,
.,.~.~---,,t~ however, to issue tax exempt obligations in the future
_~ for permanent financing of the Property and, if the
\:~. City of College Station then determines, other property
· ,iil!~! or refinancing.
PASSED and APPROVED this lOth day of December, 1992.
....... ~4 APPROVED:
/ .'--~:
"~;, May¢
...~ ATTEST. ,
.. ,<.~','.
I~ City Secretary
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