HomeMy WebLinkAbout6-28-2007-2K - Resolution - 06/28/2007 RESOLUTION NO. 6 -28 -2007- 2K
A RESOLUTION BY THE CITY COUNCIL OF THE CITY OF COLLEGE
STATION, TEXAS, DIRECTING PUBLICATION OF NOTICE OF
INTENTION TO ISSUE CERTIFICATES OF OBLIGATION, SERIES 2007;
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.
firâ–º 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
t hw 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 28th day of June, 2007.
Ben White, Mayor
ATTEST: ,\
C n: Hooks, City ecretary (Seal)
APPROVED:
0 Ski
no ', ' . rkhurst : ' orton L.L. ' .,
Bond Counsel
EXHIBIT A
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 design
and construction of a new city -owned cemetery; the design and construction of improvements to
the Municipal Courts Building; the acquisition of an updated Emergency Medical Services
reporting system; the design and construction costs associated with the relocation of Fire Station
#3 located at 1900 Barron; the development of and improvements to a neighborhood park
adjacent to the Woodland Hills subdivision within the City; the design of a new bath house at the
city -owned Adamson Lagoon Pool; 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 6th day of August, 2007. 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
/s/ Ben White
Mayor
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