HomeMy WebLinkAbout10-10-9-8.10 - Resolution - 10/10/1991 RESOLUTION NO. 10-10-91-8o10
RESOLUTION DECLARING INTENTION TO REIMBURSE CERTAIN EXPENDITURES
WITH BORROWING PROCEEDS
WItEREAS, the City of College Station, Texas desires to construct 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 Property paid or incurred before the
date of issue of the bonds;
WHEREAS, the Issuer intends to eventually incur indebtedness the proceeds of which will be used for
such Property; and
WItEREAS, this Resolution is intended to comply with any regulations or rulings of the Internal
Revenue Service relating to obligations described as "rehnbumed bonds"in presently proposed rules.
NOW, THEREFORE, BE 1T 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 the proceeds of a borrowing. The Issuer presently intends to reimburse the expenditure by
incurring debt the interest on which is excludable from gross income under section 103 of the Internal Revenue
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 Pwperty.
Section 3. The reasonably expected source of funds to pay the expenditure for the Pwperty 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 he 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 S. This Resolution shall be literally construed to evidence the intent of the Issuer to comply
with state and federal income tax hw in the issuance of tax exempt obligations for the Pwperty.
PASSED AND APPROVED THIS 10th DAY OF OCTOBER, 1991.
ATTEST
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Property Description
Property improvements for Merry Oaks and Central Parks.
Improvements to Merry Oaks Park will include a full-court
basketball court, a 1/3 mile jogging trail, new signage, and
walkway improvements. Improvements to Central Park will
include a full-court basketball court and additional
walkways.