10-10-91-8.8 - Resolution - 10/10/1991 RESOLUTION NO. 10-10-91-8.8
RESOLUTION DECLARING INTENTION TO REIMBURSE CERTAIN EXPENDITURES
WITH BORROWING PROCEEDS
WHEREAS, the City of College Station, Texas desires to construct and equip the pmpany described in
Exhibit A, attached hereto (the "Property");
WHEREAS, recent amendments to Article 717k-6, Vcmon~ Texas Civil Statutes, permit the Issuer to
use thc proceeds of bonds to reimburse the Issuer for costs attributed to the Property paid or incurred before thc
date of issue of thc bonds;
WHEREAS, thc Issuer intends to ~ventually incur indebtedness thc proceeds of which will be used for
such Property; and
WHEREAS, this Resolution is intended to comply with any regulatiom or rulings of the Internal
Revenue Service relating to obligations described as "rehnburscd bonds" in presently proposed rules.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF COLLEGE STATION
THAT:
Section 1. This Resolution declares the intention of the Issuer to reimburse any expenditure for the
Property with the proceeds of a borrowing. The Issuer presently intends to reimburse the expenditure by
incurring debt the interest on which is excludable fwm gross income under section 103 of the Internal Revenue
Code of 1986, as amended.
Section 2. The Issuer hereby declares that the description of the Property includes the general character,
type, or purpose of the Property and the anticipated size, quantity, or coat of the Property.
Section 3. Thc reasonably expected source of funds to pay the expenditure for thc Pwperty is reserves
in thc operating funds. Thc reasonably expected source of funds to be used to pay debt service on thc
reimbursement bonds is general tax revenues.
Section 4. This Resolution shall be reasonably available to thc general public and maintained by the
City Secretary or the City Manager at the customary location of records of thc Issuer and shah be continuously
avaihble during normal business hours on every business day of the period beginning the earlier of ten days
after thc date of adoption of this Resolution and ending on, and including, thc date of issue of thc reimbursement
bonds.
Section 5. This Resolution shall he literally construed to evidence thc intent of the Issuer to comply
with state and federai income tax law in thc issuance of tax exempt obligations for the Pwperty.
PASSED AND APPROVED THIS 10th DAY OF OCTOBER, 1991.
ATFEST
Connie }look.% City Sccrctary
Property Description
Property improvements for Welsh Street. Construction
improvements will include street installation, sidewalks,
curbs and gutters in accordance with the agreement with
Myrad, Inc.