HomeMy WebLinkAbout03-22-18-2h - Resolution - 03/22/2018RESOLUTION NO. 03-22-18-2h
A RESOLUTION DIRECTING PUBLICATION OF NOTICE OF INTENTION
TO ISSUE CERTIFICATES OF OBLIGATION, SERIES 2018; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of College Station (the "City") expects to pay expenditures in
connection with the design, planning, acquisition and construction of the projects described in
"Exhibit A" to this Resolution prior to the issuance of the Certificates of Obligation hereinafter
described; and
WHEREAS, the City Council hereby finds, considers and declares that the reimbursement
of the payment by the City 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 U.S. Treasury Regulations, to reimburse itself for such
payments at such time as it issues the hereinafter described Certificates of Obligation; and
WHEREAS, it is hereby officially found and determined that the meeting at which this
Resolution was considered was open to the public, and public notice of the time, place and purpose
of said meeting was given, all as required by Chapter 551, 'Texas Government Code.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
COLLEGE STATION, TEXAS:
Section 1. That attached hereto and marked "Exhibit A" is a form of notice, the form
and substance of which are hereby passed and approved.
Section 2. That the City Secretary shall cause said notice to be published, in the form
attached hereto, in the "Bryan -College Station Eagle", a newspaper of general circulation in the
City, for two consecutive weeks, the date of the first publication to be before the 30th day before
the day tentatively proposed for authorizing the issuance of the Certificates of Obligation as shown
in said notice.
Section 3. That the facilities and improvements to be financed with proceeds from the
proposed Certificates of Obligation are to be used for the purposes described in "Exhibit A" hereto.
Section 4. That all costs to be reimbursed pursuant to this Resolution will be capital
expenditures; the proposed Certificates of Obligation shall be issued within 18 months of the later
of (i) the date the expenditures are paid or (ii) the date on which the property, with respect to which
such expenditures were made, is placed in service; and the foregoing notwithstanding, the
Certificates of Obligation will not be issued pursuant to this Resolution on a date that is more than
three years after the date any expenditure which is to be reimbursed is paid.
Section 5. That this Resolution shall be effective immediately upon passage and
adoption.
PASSED AND APPROVED ON MARCH 22, 2018.
ATTES :
anya
(City Seal)
APPROVED:
, City euiretary
Mc�a11 Parkhurst & Horton L.L.P.,
Bond Counsel
Resolution Directing Publication of Notice of Intention to Issue Certificates of Obligation, Series
2018
EXHIBIT A
NOTICE OF INTENTION TO ISSUE
CERTIFICATES OF OBLIGATION
NOTICE IS HEREBY GIVEN that it is the intention of the City Council of the City of
College Station, Texas, to issue one or more series of the interest bearing certificates of obligation
of the City to be entitled "City of College Station, Texas Certificates of Obligation", for the purpose
of paying contractual obligations to be incurred by the City, to -wit: (i) constructing and improving
streets and roads including related drainage, landscaping, lighting, pedestrian improvements and
signage related thereto; (ii) designing, constructing, equipping and installing park and recreation
equipment and improvements including new and existing facilities, park infrastructure
improvements, upgrades and rehabilitation; (iii) purchasing and installing technology
improvements including video surveillance; (iv) purchasing land for a new Fire Station; (v)
designing and constructing a new City Hall; (vi) constructing improvements and extensions to the
City's combined waterworks, sewer and electric systems including distribution, transmission,
system lines, wells, plant improvements, and acquisition of interests in land; and (vii) the payment
of fiscal, engineering and legal fees incurred in connection therewith.
The City Council tentatively proposes to authorize the issuance of one or more series of
Certificates of Obligation at its regular meeting place in the City Hall at a meeting to commence
at 6:00 p.m., on April 26, 2018. The ordinances may authorize an authorized officer of the City
to effect the sale and delivery of the Certificates of Obligation on a date or dates subsequent to the
adoption of the ordinance. The maximum amount of Certificates of Obligation indebtedness that
may be authorized to be sold on said date for such purposes described above is $55,000,000. The
City Council presently proposes to provide for payment of the Certificates of Obligation from the
levy of ad valorem taxes and from a limited surplus revenue pledge (not to exceed $1,000) derived
from the operation of the City's waterworks, sewer and electric systems.
CITY OF COLLEGE STATION, TEXAS