HomeMy WebLinkAbout01-10-19-2d - Resolution - 01/10/2019 RESOLUTION NO.
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 $235,000, 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 10th DAY OF January, 2019.
rimneyM orATTEST: /
Tany City Secretary (Seal
APPROVED:
McCall, Parlh,r( Ioiton L.L.P.
Bond Couns 1/
Exhibit "A"
The projects to be financed that are the subject of this Statement:are:
State Highway 6 Phase HI-f1
This project consists of installing a new 20-inch waterline along the northbound feeder road of State
Highway 6 from Pavilion Avenue north for approximately 600 feet. This line was included as part of the
2015 Water Master Plan and is needed to serve future lower pressure plane cast of State Highway 6. City
Staff recommended the installation of large diameter line to allow better overall hydraulic operations.
This project was originally part of State Highway 6 Phase 111, but was carved out as a stand-alone project
to accommodate local development schedules.