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HomeMy WebLinkAboutRES 110811-L - Bond Reimburse Public SafetyRESOLUTION NO. I [02 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GEORGETOWN TEXAS, EXPRESSING OFFICIAL INTENT TO REIMBURSE COSTS FOR A PUBLIC SAFETY FACILITY WITH GENERAL OBLIGATION BONDS TO BE ISSUED AT A LATER DATE WHEREAS, the City of Georgetown, Texas (the "Issuer") is a home -rule City of the State of Texas; and WHEREAS, the Issuer expects to build a new Public Safety Facility; and WHEREAS, the City voters authorized such a facility by referendum in May 2011; and WHEREAS, the Issue intends to issue General Obligation Bonds to finance this facility; 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. SECTION 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 $2.5 Million for the purpose of paying the costs associated with the construction of a new Public Safety Facility approved by the City voters in May 2011. 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. S ECTION 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. Reimbursement Resolution Public Safety Facility No. I t © 1 41°Pa Le Page 1 of 2 RESOLVED this 8th day of November 2011. ATTEST: Jessica Brettle Ci Secretary APPROVED AS To.%FORM: Bridget Chmany Acting City Attorney THE CITY OF GEORGETOWN: By: "Georgearver Mayor Reimbursement Resolution Public Safety Facility No.' 1051 I— L. Page 2 of 2