HomeMy WebLinkAboutRES 022608-CC - Reimburse College St BridgeRESOLUTION NO. 0!Z.1090f-CL'
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS,
EXPRESSING OFFICIAL INTENT TO REIMBURSE THE ENGINEERING COSTS FOR THE
COLLEGE STREET BRIDGE.
WHEREAS, the City of Georgetown, Texas (the "Issuer") is a home -rule City of the State of Texas; and
WHEREAS, the Issuer expects to pay engineering costs for the College Street Bridge; and
WHEREAS, the Issuer finds, considers, and declares that the reimbursement of the Issuer for the payment of
such expenditures will be appropriate and consistent with the lawful objectives of the Issuer 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 Projects.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF GEORGETOWN,
TEXAS, THAT:
SECTION 1. The facts and recitations contained in the preamble of this resolution are hereby found and
declared to be true and correct, and are incorporated by reference herein and expressly made a part hereof, as if copied
verbatim. The City Council hereby finds that this ordinance implements the following policy of the Century Plan - Policy
Plan Element:
2. Finance Policy Statement 13.0, which states: "All municipal operations are conducted in an efficient
business -like manner and sufficient financial resources for both current and future needs are provided,"
and further finds that the enactment of this resolution is not inconsistent or in conflict with any other Century Plan
Policies as required by Section 2.03 of the Administrative Chapter of the Policy Plan
S ECTION 2. The Issuer reasonably expects to incur debt, as one or more separate series of various
types of obligations, with an aggregate maximum principal amount equal to $452, 365 for the purpose of
paying the costs of the projects described below:
Engineering - College Street Bridge $452, 365
S ECTION 3. All costs to be reimbursed pursuant hereto will be capital expenditures. No
tax-exempt obligations will be issued by the Issuer in furtherance of this Resolution 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 4. All tax supported debt to be issued within this resolution will be issued within
the term of the Council authorizing this resolution. If the tax supported portion of this debt is not
issued before the approving Council leaves office, all projects included in the above schedule that
are to be funded with tax supported debt must be reauthorized by Council
S ECTION 4. The foregoing notwithstanding, no tax-exempt obligation will be issued
pursuant to this Resolution more than three years after the date any expenditure which is to be
reimbursed is paid.
S ECTION 5. This resolution shall be effective immediately upon adoption.
RESOLVED this 26th day of February 2008.
Reimbursement Resolution No. OZ2 c �CC
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P:1AGENDA120081ReRes_SGBridge. doc
ATTEST:
THE CITY OF GEORGETOWN:
Sandra D. Lee By: G; ry Nelori
City Secretary `►:°"ayor
APPROVED AS TO FORM:
Patricia T. Carls
City Attorney
Reimbursement Resolution No. 0224,01
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P:IAGENDA120081ReRes SGBridge.doc