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HomeMy WebLinkAbout04-26-18-2e - Resolution - 04/26/2018 RESOLUTION NO. Ott _2-6— 19 -2 t , 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 $3,000,000, 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 26th DAY OF April,2018. K 1 M ney, ayor ATTEST: rhdl- ct , itySecety (S APPROVED: M all,Parkhurst&Horton L.L.P. Bond Counsel Exhibit"A" The projects to be financed that are the subject of this Statement are: Northeast Sanitary Sewer Trunk Line Phase 2 The project is for the Northeast Sanitary Sewer-Phase 2 Trunk Line Project. This project involves the design and construction of approximately 4,500 linear feet of 48-inch sanitary sewer line on city property and within easements on private property located on the east side of State Highway 6 and the Raintree Subdivision.The scope of the project extends from the north end of Carter's Creek Wastewater Treatment Plant(CCWWTP)along the existing sanitary sewer alignment to the downstream end of the recently completed Northeast Sanitary Sewer Trunk Line-Phase 1 due east of Raintree Park.The purpose of this replacement is to increase capacity while also relocating the proposed line further away from the wandering and erosive Carter's Creek.