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HomeMy WebLinkAbout03-28-19-2f - Resolution - 03/28/2019 RESOLUTION NO. 03 ala — I G-Z- ' 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 $1,200,000 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 28th DAY OF March, 2019. Kj l Money, yor ATTEST: / y w �J/jA/fir Tanya =ity Secretary (Seal) APPROVED: )Ca&, rkhurst�& Horton L.L.P. Bond Counsel Exhibit "A" The projects to be financed that are the subject of this Statement are: Traffic Signals at the intersection of Barron Road and Alexandria Avenue This project includes the construction of a new traffic signal at the intersection of Barron Road and Alexandria Avenue. During a 2016 analysis, College Station Traffic Engineering found that this intersection meets volume and crash warrants within the Texas Manual on Uniform Traffic Control Devices, The intersection ranks 2nd out of 14 intersections that rneet at least one traffic signal warrant and this intersection is the highest ranked intersection for streets maintained only by the City of College Station(i.e, not TxDOT roads). Traffic Signals at the intersection of Texas Avenue and Brothers Boulevard The project installs a traffic signal at the intersection of Texas Avenue and Brothers Boulevard. TxDOT is currently constructing a safety project that will install medians on 'Texas Avenue between FM 2818 and Deacon Drive. This project will signalize the median opening at the intersection of Texas Ave and Brothers. During a 2016 analysis, College Station Traffic Engineering found that this intersection meets the volume warrants within the Texas Manual On Uniform Traffic Control Devices, ranking 5th out of 14 intersections that meet at least one traffic signal warrant. Additionally, this intersection is ranked 4th for streets maintained by TxDOT.