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HomeMy WebLinkAbout02-23-17-2f - Resolution - 02/23/2017 RESOLUTION NO. 02-23 -117- 2P 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 $6,000,000, 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 23th DAY OF February, 2017. ar oore , •yor ATTEST: Sherry Mas rn, City Secretary (Seal) APPROVED: ALY Mc ' Parkhurst&Horton L.L.P. Bon. Counsel Exhibit"A" The project to be financed that are the subject of this Statement is: Lick Creek Wastewater Treatment Plant Capacity Expansion This debt associated with this debt reimbursement resolution is for the design, bidding, and construction phase engineering services related to the Lick Creek Wastewater Treatment Plant Expansion project. Some of the major plant components that will be included in the design were identified in the 2016 Wastewater Master Plan and, in general, include the following major elements: a new coarse screening structure for lift station protection with associated screenings building; an expansion of the influent lift station and odor control systems; expansion of the existing headworks to include additional fine screens, grit removal, grease handling improvements, odor control, and evaluation of overall headworks effectiveness; expanded aeration basins and blowers, master planned for future nutrient removal with the design assumption that the basins will be conventional activated sludge sized and arranged for future biological nutrient removal and potential uprating; and the addition of new secondary clarifiers and improvements to existing clarifiers to reduce short circuiting. The total project estimate is currently $36,525,000 and it is anticipated that debt will be used to fund the project in its entirety. An additional debt reimbursement resolution(s)to cover the balance of the debt will be brought forth for approval closer to the time when project construction is expected to begin.