HomeMy WebLinkAbout10-10-91-8.9 - Resolution - 10/10/1991 RESOLUTION NO. 10-10-91-8.9
RESOLUTION DECLARING INTENTION TO REIMBURSE CERTAIN EXPENDITURES
~ BORROWING PROCEEDS
WHEREAS, the City of College Station, Texas desires to conslmct and equip the property described in
Exhibit A, attached hereto (the "Property");
WHEREAS, recent amendments to Article 717k-6, Vernon's Texas Civil Statutes, permit the Issuer to
use the proceeds of bonds to reimburse the Issuer for costs attributed to the Prope~y paid or incurred before the
date of issue of the bonds;
WttEREAS, the Issuer intends to eventually incur indebtedness the proceeds of which will be used for
such Property; and
WHEREAS, this Resolution is intended to comply with any regulations or rulings of the Internal
· Revenue Service relating to obligations described as "rehnbursed bonds" in presently pmpused rules.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF COLLEGE STATION
THAT:
Section 1. This Resolution declares the intention of the Issuer to reimburse any expenditure for the
Property with thc proceeds of a borrowing. The Issuer presently intends to reimburse thc expenditure by
incurring debt thc interest on which is excludablc from gross income under section 103 of thc Internal Rcvcnuc
Code of 1986, as amended.
Section 2. The Issuer hereby declares that the description of the Property includes the general character,
type, or purpose of the Property and the anticipated size, quantity, or cost of the Property.
Section 3. The reasonably expected source of funds to pay the expenditure for the Pwpeny is reserves
in the operating funds. The reasonably expected source of funds to be used to pay debt service on the
reimbursement bonds is general tax revenues.
Section 4. This Resolution shall be reasonably available to the general public and maintained by the
City Secretary or the City Manager at the customary location of records of the Issuer and shall he continuously
available during normal business hours on every business day of the period beginning the earlier of ten days
after the date of adoption of this Resolution and ending on, and including, the date of issue of the reimbursement
bonds.
Section 5. This Resolution shall he literally construed to evidence the intent of the Issuer to comply
with state and federal income tax law in the issuance of tax exempt obligations for the Property.
PASSED AND APPROVED THIS 10th DAY OF OCTOBER, 1991.
HXHIBIT A
Property Description
Property improvements for Woodcreek Park Development.
Development will include= installation of play equipment,
drinking fountain, lighting, walkways, foot bridges, jogging
trails and drainage improvements.