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HomeMy WebLinkAboutRES 101006-X - Reimburse Cost Facilitiesand RESOLUTION NO. l ©/©©47— X A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS, EXPRESSING OFFICIAL INTENT TO REIMBURSE COSTS OF CERTAIN FACILITIES AND EQUIPMENT. WHEREAS, the City of Georgetown, Texas (the "Issuer") is a home -rule City of the State of Texas; WHEREAS, the Issuer expects to pay expenditures in connection with the acquisition of the facilities and equipment described in Section 2 prior to the issuance of obligations to finance the Projects; 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. 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 $13,989,050 for the purpose of paying the costs of the projects described below: Remodel Old WCAD Building Public Safety Vehicles & Equipment Downtown Improvements Street Equipment Parks Improvements Facility Improvements Total GCP - CO Bond Proceeds Water Improvements Electric Improvements Total Revenue Bond Proceeds Total Proposed 2006/07 Bond Proceeds $ 2,000,000 2,006,700 300,000 113,000 990,000 222,900 51632,600 2,827,000 5,529,450 8,356,450 $ 3,989,050 Reimbursement Resolution No. /O/OOe —X Page 1 of 2 P: IA GENDA 120071 ReimbResCIP07. doc 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. RESOLVED thisl Oth day of October 2006. ATTEST: Sandra D. Lee City Secretary APPROVED AS TO FORM: Patricia I Carls, Brown and Carls, L.L.P. City Attorney Reimbursement Resolution No. !DI a Page 2 of 2 P: IAGENDA120071ReimbResCIP07. doc X THE CITY OF GEORGETOWN: By: Ga .' Nelon Mayor