HomeMy WebLinkAbout12-09-10-2n - Resolution - 12/09/2010RESOLUTION NO. 12-09-10-2n
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, on March 26, 2009, the City adopted a resolution declaring intention to reimburse
certain expenditures with proceeds from debt with respect to the Project in an amount not to exceed
$3,400,000; and
WHEREAS, as bids have been received for the by the City for the construction of the Project, it is
possible that debt in excess of $5,000,000 may be required to reimburse the City for the full costs of the
Project; and
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 $5,000,000, 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.
Resolution No. 12-09-10-2n
PASSED AND APPROVED THIS 9th DAY OF DECEMBER, 2010.
ATTEST:
hA-___
burn, City Secretary
APPROVED:
Mc ` , rurst & 1(ofton L.L.V.
Bond ounsel
.3-775kt-'11-LAy
Nancy Berry,7Vlayor
(Seal)
Resolution No. l2 -09=1:0=2n
Exhibit "A"
The projects to be financed that are the subject of this Statement are:
Southwood 5-7: Rehabilitation of the water and wastewater lines in the Southwood area, in the vicinity of
Southwest Parkway, FM 2818, Glade Street, Welsh Avenue and Shadowwood Drive.