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HomeMy WebLinkAbout12-10-15-2n - Resolution - 12/10/2015RESOLUTION NO. I a- i O -15- a n 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 $27,120,000, for the purpose of paying the aggregate costs of the Projects. 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 10th DAY OF Decembe ATTEST: Sherry Mash rn, City Secretary - )7/ y Be ry, Mayor (Seal) APPROVED: Mc 11, " • urst & Horton L.L.P. Bo d Counsel Exhibit "A" The projects to be financed that are the subject of this Statement are: Greens Prairie Trail from FM 2154 through Royder Rd ($4,100,000) Rehabilitation of Greens Prairie Trail from Wellborn Road (FM21 54) to and through the intersection with Royder Road with the proposed roadway being a 4 -lane minor arterial with median. The existing asphalt road is intended to be replaced with concrete roadway with, curb gutter, underground storm sewer and sidewalks. Cain/Deacon Union Pacific Railroad Crossing Switch (3,775,000) Roadway extension of Deacon Road to Wellborn Road and the removal of the existing Cain Road railroad crossing. The roadway extensions will be constructed with concrete pavement with curb, underground storm sewer, and sidewalks. The railroad crossing removal will including all pavement and existing structures pertaining to the existing crossing. Design of FM 2818 Capacity Improvements ($655,000) This project is for the design of widening FM2818 by adding two lanes from George Bush Drive to Wellborn Road. The traffic signals located at George Bush Drive, Luther Street, & Holleman Drive will be designed to accommodate this expansion. Rock Prairie Road West — Wellborn Road to City Limits ($4,985,000) This project includes the reconstruction of Rock Prairie Road West from approximately Wellborn Road to the west City Limits. The existing asphalt road is intended to be replaced with concrete roadway with curb, gutter, underground storm sewer, and sidewalks and adjustments to the Union Pacific railroad crossing if necessary. Capstone and Barron Realignment ($1,800,000) This project includes the reconstruction and realignment of Capstone Drive and Barron Road from State Highway 40 through FM 2154 (Wellborn Road). Barron Road and Capstone Drive will be realigned to intersect FM 2154 at the same junction. The existing asphalt road is intended to be replaced with concrete roadway with curb, gutter, underground storm sewer, and sidewalks. Southside Neighborhood Safety Improvements — Park Place, Holik Street, Glade Street and Anna Street ($2,090,000) Rehabilitation of Park Place, Holik Street, Glade Street and Anna Street surrounding Oakwood Intermediate School, into a standard 27 -foot pavement back of curb to back of curb. Concrete pavement with curb and gutter, sidewalks and an underground storm sewer system. Holleman Drive South Widening ($6,500,000) This project is for the reconstruction and widening of Holleman Drive South from approximately North Dowling to Rock Prairie Road West. The existing road is intended to be replaced with a four lane minor arterial (continuing existing cross-section) concrete roadway with curb, gutter, underground storm sewer, and sidewalks/shared use path. Greens Prairie Road at Arrington Intersection Improvements ($515,000) This project is for the construction of intersection improvements at Greens Prairie Road and Arrington Road. The project will include pedestrian facilities on all four sides. Royder Road Expansion ($2,700,000) This project includes the reconstruction of Royder Road from approximately Greens Prairie Road to Green Prairie Trail. It also includes the reconstruction of Greens Prairie Road from approximately FM 2154 to Royder Road. The existing asphalt roads are intended to be replaced with concrete roadways with curb, gutter, underground storm sewer, and sidewalks.