HomeMy WebLinkAbout03-22-12-2f - Resolution - 03/22/2012 L,► RESOLUTION NO. D3 -2 , -12 - 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 $2,500,000, 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 22nd DAY OF MARCH, 2012.
Nancy Berry,
ATTEST:
Sherry Mash rn, City Secretary (Seal)
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■or. APPROVED:
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McCii. 0arkhurst & Ho on L.L.P.
Bond Counsel
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Exhibit "A"
The projects to be financed that are the subject of this Statement are:
West Side Sewer - This project consists of a temporary Lift Station, 6" Force Main, and 12" Gravity
Sewer Lines to serve the initial development of bio- corridor area to convey flows to the Bryan Municipal
Sanitary Sewer System. The City of College Station will reimburse the City of Bryan for half of the cost
of design and construction.
East Side Sewer Service - This project will construct gravity sewer, lift station and force main to serve
properties along SH 30 southeast of the intersection with FM 158 within the City of Bryan's corporate
limits and upgrade gravity sewer that currently services property along SH 30 within the City of College
Station in order to convey flows from the COB to the CCWWTP. The City of College Station will be
reimbursed by the City of Bryan for half of the cost of design and construction.
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