HomeMy WebLinkAbout02-14-19-2h - Resolution - 02/14/2019 RESOLUTION NO, 2 19'2
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 $6,035,000 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 14h DAY OF February,2019.
r
i K Moo y, ay r
ATTEST:
Tanya S ith, ity Secre ry (Seai)
APPROVED:
Mcca ,1Pa�khurst&Horton L.L.P.
Bond unsel
Exhibit "A"
The project to be financed that are the subject of this Statement are:
Northeast Trunk Line Phase 3 -The Northeast Sanitary Sewer- Phase 3 Trunk Line Project involves the
design of approximately 8,100 linear feet of 36-inch sanitary sewer line, 200 linear feet of 12-inch
sanitary sewer line, and approximately 1,200 linear feet of rehabilitation of existing 24-inch sanitary
sewer line by 12-inch slip lining on city property and within casements on private property located on the
east side of State Highway 6 and north of Harvey Road(SH 30). The scope of the project extends from
the north end of recently completed Northeast Sanitary Sewer- Phase I on the south side of SH 30 to
approximately 800 linear feet west of SH 6 near the Burton Creek crossing, 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