Loading...
HomeMy WebLinkAbout7-10-2008-03 - Resolution - 07/10/2008RESOLUTION NO. 7 -10 -2008- 03 A RESOLUTION DIRECTING PUBLICATION OF NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION, SERIES 2008; 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. PASSED AND APPROVED this 10th day of July, 2008. Ben White, Mayor ATTEST: / Connie Hooks, City Secretary (Seal) APPROVED: � I1: 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 construction of a new city -owned cemetery located at 3800 Raymond Stotzer Parkway; the design and construction of improvements to the Municipal Courts Building; the acquisition of a wireless fidelity system for use by City employees throughout the City; the construction of street improvements throughout the City; the design and construction of park and recreation improvements throughout the City, including a new bath house at the city -owned Adamson Lagoon Pool, a new bath house at the city -owned Thomas Pool, and the replacement and installation of lights at the Southwood Valley Athletic Complex located at 1600 Rock Prairie Road; 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 said series (one or more) 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 the 18th day of August, 2008. The maximum amount of Certificates of Obligation indebtedness that may be authorized to be sold on said date for such purposes described above is $27,000,000. 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 /s/ Ben White Mayor 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 THE 10TH DAY OF JULY, 2008, at the designated meeting place, and the roll was called of the duly constituted officers and members of said City Council, to wit: Ben White, Mayor John Crompton, James Massey, Dennis Maloney, Lynn McIlhaney, Absent Councilmembers, Lawrence Stewart, Dave Ruesink, Connie L. Hooks, City Secretary and all of said persons were present, except anex thus constituting a quorum. Whereupon, among other business, the following was transacted at said Meeting: a written RESOLUTION DIRECTING PUBLICATION OF NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION, SERIES 2008; 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 be passed; and, after due discussion, said motion prevailed and carried by the following vote: AYES 5 NOES 1 ABSTAINED : 0 2. That a true, full and correct copy of the aforesaid Resolution described in the above and foregoing paragraph is attached to and follows this Certificate; that said Resolution has been duly recorded in said City Council's minutes of said Meeting; that the above and foregoing paragraph is a true, full and correct excerpt from said City Council's minutes of said Meeting pertaining to the passage of said Resolution; that the persons named in the above and foregoing paragraph are the duly chosen, qualified and acting officers and members of said City Council as indicated therein; that each of the officers and members of said City Council was duly and sufficiently notified officially and personally, in advance, of the time, place and purpose of the aforesaid Meeting, and that said Resolution would be introduced and considered at said Meeting, and each of said officers and members consented, in advance, to the holding of said Meeting for such purpose, and that said Meeting 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. SIGNED AND SEALED THE 10TH DAY OF JULY, 2008. City Secretary c�- Mayor (SEAL)