Loading...
HomeMy WebLinkAbout07-08-10-2g - Resolution - 07/08/2010RESOLUTION NO. 07- 08 -10 -2g A RESOLUTION DIRECTING PUBLICATION OF NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION, SERIES 2010; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City of College Station (the "City ") expects to pay expenditures in connection with the design, planning, acquisition and construction of the projects described in "Exhibit A" to this Resolution prior to the issuance of the Certificates of Obligation hereinafter described; and WHEREAS, the City Council hereby finds, considers and declares that the reimbursement of the payment by the City 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 U.S. Treasury Regulations, to reimburse itself for such payments at such time as it issues the hereinafter described Certificates of Obligation; and WHEREAS, it is hereby officially found and determined that the meeting at which this Resolution was considered was open to the public, and public notice of the time, place and purpose of said meeting was given, all as required by Chapter 551, Texas Government Code. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF COLLEGE STATION, TEXAS: Section 1. That attached hereto and marked "Exhibit A" is a form of notice, the form and substance of which are hereby passed and approved. Section 2. That the City Secretary shall cause said notice to be published, in substantially the form attached hereto, in the Bryan - College Station Eagle a newspaper of general circulation in the City of College Station, Texas, for two consecutive weeks, the date of the first publication to be before the 30th day before the day tentatively proposed for authorizing the issuance of the Certificates of Obligation as shown in said notice. Section 3. That the facilities and improvements to be financed with proceeds from the proposed Certificates of Obligation are to be used for the purposes described in the attached Notice of Intention. Section 4. That all costs to be reimbursed pursuant to this Resolution will be capital expenditures; the proposed Certificates of Obligation shall be issued within 18 months of the later of (i) the date the expenditures are paid or (ii) the date on which the property, with respect to which such expenditures were made, is placed in service; and the foregoing notwithstanding, the Certificates of Obligation will not be issued pursuant to this Resolution on a date that is more than three years after the date any expenditure which is to be reimbursed is paid. Section 5. That this Resolution shall be effective immediately upon passage and adoption. Resolution No. 07- 08 -10 -2g PASSED AND APPROVED this 8th day of July, 2010. Nancy Berry, Mayor ATT ST: Co Hooks, City Secretary (Seal) Resolution No. 07- 08 -10 -2g NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION NOTICE IS HEREBY GIVEN that it is the intention of the City Council of the City of College Station, Texas, to issue one or more series of the interest bearing certificates of obligation of the City to be entitled "City of College Station, Texas Certificates of Obligation ", for the purpose of paying contractual obligations to be incurred by the City, to -wit: the acquisition and installation of technology improvements including new electronic storage equipment for the City and fiber optic infrastructure for use by the City; acquisition of a building located at 2275 Dartmouth Street for municipal purposes, including the exhibition of art and related uses; the construction of improvements and extensions to the City's combined electric, waterworks and sewer systems; and the payment of fiscal, engineering and legal fees incurred in connection therewith. The City Council tentatively proposes to authorize the issuance of one or more series of Certificates of Obligation at its regular meeting place in the City Hall at a meeting to commence at 7 o'clock, p.m., on August 26, 2010. The maximum amount of Certificates of Obligation indebtedness that may be authorized to be sold on said date for such purposes described above is $4,000,000. The City Council presently proposes to provide for payment of said series (one or more) of Certificates of Obligation from the levy of taxes and from a limited surplus revenue pledge (not to exceed $1,000) derived from the operation of the City's electric, waterworks and sewer systems. CITY OF COLLEGE STATION, TEXAS CERTIFICATE FOR RESOLUTION THE STATE OF TEXAS COUNTY OF BRAZOS CITY OF COLLEGE STATION We, the undersigned officers of said City, hereby certify as follows: 1. The City Council of said City convened in REGULAR MEETING ON JULY 8, 2010, at the designated meeting place, and the roll was called of the duly constituted officers and members of said City Council, to wit: Nancy Berry, Mayor John Crompton, Mayor Pro Tem Dave Ruesink, Councilmember Jess Fields, Councilmember Dennis Maloney, Councilmember Katy -Marie Lyles, Councilmember Vacant Connie L. Hooks, City Secretary and all of said persons were present, except the following absentees: thus constituting a quorum. Whereupon, among other business, the following was transacted at said Meeting: a written A RESOLUTION DIRECTING PUBLICATION OF NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION, SERIES 2010; AND PROVIDING AN EFFECTIVE DATE. was duly introduced for the consideration of said City Council and read in full. It was then duly moved and seconded that said Resolution; and, after due discussion, said motion prevailed and carried by the following vote: AYES NOES