HomeMy WebLinkAbout01-09-14-2g - Resolution - 01/09/2014 RESOLUTION NO. 01 — 11 - 29
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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 $400,000, 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 9th DAY OF JANUARY, 2014.
Nancy Berry, Mayor
ATTEST:
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Sherry Mas rn, City Secretary (Seal)
APPROVED:
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McC�� r urst : s,`�rton L. .P.
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Bo :.unsel
Exhibit "A"
The projects to be financed that are the subject of this Statement are:
Traffic signal and intersection improvements at University Drive and Texas Avenue
LAW OFFICES
McCALL, PARKHURST & HORTON L.L.P.
600 CONGRESS AVENUE 717 NORTH HARWOOD 700 N. ST. MARY'S STREET
SUITE 1800 SUITE 900 SUITE 1525
AUSTIN, TEXAS 78701 -3248 DALLAS, TEXAS 75201-6587 SAN ANTONIO, TEXAS 78205-3503
TELEPHONE: 512 478 -3805 TELEPHONE: 214 754 -9200 TELEPHONE: 210 225 -2800
FACSIMILE: 512 472 -0871 FACSIMILE: 214 754 -9250 FACSIMILE: 210 225 -2984
December 19, 2013
Ms. Cheryl Wright
City of College Station, Texas
1101 Texas Avenue
College Station, Texas 77840 -2499
Re: City of College Station, Texas - January 9, 2014 Reimbursement Resolution
Dear Cheryl:
Enclosed please find the executed reimbursement resolution to be considered by the City
Council at its January 9, 2014 meeting.
Very truly yours,
McCALL, PARKHURST & HORTON L.L.P.
t ,
Jef r' Leuschel
Enclosure