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HomeMy WebLinkAbout11-20-17-2c - Resolution - 11/20/2017 RESOLUTION NO. 11-20-17-2c 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 $11,065,000, for the purpose of paying the aggregate costs of the Project. 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 20th DAY OF November,2017. AllieAdmk arl Money,Mayor ATTEST: I çIL nya mith/ ity Secretary (S:. APPROVED: Miall,Parkhurst&Horton L.L.P. Bond Counsel Exhibit "A" The projects to be financed that are the subject of this Statement are: System-Wide Park Improvements ($800,000) These funds are planned to be used for park infrastructure improvements and purchases, which will include the installation of new lights and related infrastructure at Central Park. Any remaining funds will be used at various parks for infrastructure improvements such as 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. Improvements at Central Park and Bee Creek Park($3,500,000) These funds are planned to be used for several projects at Central Park. These include the rehabilitation of the pavilion/restroom facility,the rehabilitation of the Central Park parking lot, and the rehabilitation of the athletic field restroom. Also planned is the rehabilitation of the concessions/restroom facility at Bee Creek Park. Southeast Park($6,000,000) These funds are planned to be used for the design and construction of Southeast Park. This project would develop the park with ballfields, parking, lighting, restrooms, picnic pavilion, batting cages, streets, utilities and park amenities. It is anticipated that Certificates of Obligation as well as Hotel Tax funds will be used to fund the development of this park. Wireless Replacement ($215,000) This project will replace all current wireless access points, control software and hardware, provide design, implementation and training services. Video Surveillance($350,000) These funds will be used for the first phase of the replacement/installation of a City video surveillance system. The project will replace or upgrade all system equipment, add additional cameras, and provide the base infrastructure, storage and management system for a consolidated system that can expand city wide. Sidewalks/Neighborhood Plan/Street Modifications($200,000) These funds will be used for sidewalk improvements including the installation of sidewalks along Munson Avenue from Dominik Drive to Harvey Road. Other projects planned for the use of these funds include minor capital improvements, sidewalks, and street modifications developed from the City's neighborhood plans.