HomeMy WebLinkAbout06-24-21-8.5 - Resolution - 06/24/2021
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 suchpayments 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, TEXASTHAT:
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$605,000, forthe 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 ANDAPPROVED THIS 24thDAYOFJune, 2021.
_______________________________
Karl Mooney, Mayor
ATTEST:
_________________________________
Tanya Smith, City Secretary(Seal)
Exhibit "A"
The projects to be financed that are the subject of this Statement are:
Holleman Drive W at Jones Butler Road Roundabout($605,000)
This project includes the construction of a new roundabout at the intersection of Holleman Drive West
and Jones Butler Street. During a 2016 analysis, College Station Traffic Engineering found that this
intersection meets traffic signal warrants within the Texas Manual on Uniform Traffic Control Devices.
The intersection ranks 6th out of 14 intersections that meet at least one warrant and this intersection is
ranked 2nd for streets maintained only by the City of College Station (i.e. non-TxDOT roads). Traffic
engineering recommends the construction of a roundabout instead of a traffic signal at this location in
order to obtain the same mobility benefits without the continuing maintenance costs of a traffic signal.