HomeMy WebLinkAbout04-28-22-8.8a - Resolution - 04/28/2022RESOLUTION 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 $750,000, 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 April, 2022.
Karl Mooney, Mayor
ATTEST:
Tanya Smith, City Secretary (Seal)
04-28-22-8.8a
APPROVED :
McC~ Horton L.L.P .
Bond Counsel
Exhibit "A"
The projects to be financed that are the subject of this Statement are:
George Bush Drive (FM 2347) Separated Bike Lanes ($750,000)
The George Bush Drive (FM 2347) Separated Bike Lanes Project will extend from Texas Avenue to
Wellborn Road for approximately 1.3 miles. It will include a vertical barrier between the bike lane and
vehicle lanes as well as intersection modifications to increase safety along the corridor for biking to and
from Texas A&M University and surrounding key destinations and neighborhoods.
The Transportation Alternatives Set Program (TASA) is a federal grant program administered by the
Texas Department of Transportation (TxDOT) that provides funding assistance to local communities to
help enhance bicycle and pedestrian safety and connectivity through infrastructure projects. In May 2021,
City Council passed a resolution of support and commitment to fund the project, if awarded, and enter
into an Advancing Funding Agreement (AFA) with TxDOT. The City was notified of the grant award in
November 2021.
The grant covers up to 80% of construction costs. The City must provide a minimum local match of 20%
for construction and 100% of design costs. Cost overruns will need to be paid for by the City. The total
project cost is estimated at $1,905,513. The City's match for the construction portion is $302,254. The
first payment of$11,827 is due to the State within thirty (30) days from execution of this AFA. The
second payment of $290,246 is due to the State within sixty (60) prior to the construction contract being
advertised for bids. TxDOT will manage the construction of the project.
The AF A requires signatures from the City along with a Resolution authorizing execution, which are both
attached. City staff will begin the design phase in the coming months and construction will begin late
2023 or early 2024.
The projected total cost to the City is not expected to exceed $750,000.