HomeMy WebLinkAbout10-27-16-2k - Resolution - 10/27/2016 RESOLUTION NO. /0-27—/4 —224
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 $4,100,000, 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 27th DAY OF October, 2016.
Nancy Berry, Mayor
ATTEST:
Sherry Mnsl rn, City Secretary (Seal)
APPROVED:
A ,
McC arkli} > Horton L.L.P.
Bond Counsel
Exhibit"A"
The projects to be financed that are the subject of this Statement are:
Fire Department Self-Contained Breathing Apparatus Equipment($1,250,000)
These funds are planned to be used for the replacement of the Self-Contained Breathing Apparatus
Equipment.This includes all air pack units, masks, cylinders and all other related equipment.
Public Safety Portable Radio Replacement($1,400,000)
These funds are planned to be used for the replacement of the hand-held radio units and related equipment
that is used by the Police and Fire Departments.
Texas Avenue Planter Box Replacement($400,000)
These funds are planned to be used for the reconstruction of the raised brick planter boxes and related
irrigation along Texas Avenue.
Aquatics Renovations and Improvements($300,000)
These funds are planned to be used for a variety of aquatics(pool)renovations and improvements. These
include the replacement of a slide feature; structural pool renovations; and fencing,decking,plumbing
and related improvements.
System-Wide Park Improvements($750,000)
These funds are planned to be used for a variety of park infrastructure improvements and purchases.
These include sidewalk reconstruction,the purchase and installation of play units,the installation of
surfacing and the resurfacing of play unit areas,basketball court resurfacing,parking lot reconstruction,
lighting and fencing upgrades and the purchase of various fitness equipment.