HomeMy WebLinkAbout02-14-13-2L - Resolution - 02/14/2013 RESOLUTION NO. r)2 - 1 4 - 13 - 2 L
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 $2,000,000, 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 14th DAY OF FEBRUARY, 2013.
Nancy Berr Mayor
ATTEST:
La. / ..... IL
Sherry Mash. rn, City Secretary (Seal)
APPROVED:
6/1
Mc p'. d Parkhurst & Horton L.L.P.
Bond Counsel
Exhibit "A"
The projects to be financed that are the subject of this Statement are:
1. Construction of Health Science Center Parkway Phase 1B - The project will include drainage
with curb and gutter, median, landscaping and irrigation, street lighting, and sidewalks. The
project includes construction of approximately 1,800 linear feet of a half boulevard section to
match the existing two lane roadway west of Traditions Drive and extension of a full boulevard
section approximately 2,400 linear feet to connect with SH 47. The City of Bryan will manage
the design and construction of this project and the City of College Station will reimburse the City
of Bryan for half the cost.
2. Construction of Health Science Center Parkway Phase 2A - The project will include drainage
with curb and gutter, median, landscaping and irrigation, street lighting, and a sidewalk on the
south side. The project includes the reconstruction of the Traditions Drive intersection, the
widening and overlay of approximately 2,000 linear feet of existing HSC Pkwy or Melrose Pkwy
to accommodate two lanes of traffic in each direction with the existing median, and
reconstruction of the Turkey Creek intersection.. The City of Bryan will manage the design and
construction of this project and the City of College Station will reimburse the City of Bryan for
half the cost.