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HomeMy WebLinkAboutRES 112205-X - Reimburse Cost FacilitiesRESOLUTION NO. 1 L 2 ©5-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; and 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 $7,168,000 for the purpose of paying the costs of the projects described below: Reimbursement Resolution No. t 121 5 -X Page I of 2 P: IAGENDAI20061Reimb Resgcpelec.doc General Capital Projects & Equipment Summary: Fire Station 1- Construction Street Equipment Security Cameras - Parks/Animal Svc Public Safety vehicles and laptops Parking lot improvements River Corridor Lighting Williams Drive Pool Rehabilitation Emergency Call Boxes Park Equipment - Weight Room Park improvements River Trails System Expansion General Capital Projects & Equipment Bond Costs Electric Capital Improvements 117501000 187,600 25,000 603,000 220,000 250,000 150,000 100,000 20,000 257,400 125,000 3,688,000 3,480,000 Total Reimbursement Resolution 7,968,000 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. 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 22nd day of November 2005. ATTEST:. lavrA/L. Sandra D. Lee City Secretary APPROVED AS TO FOR Patricia T. Carts, Brown and Carts, L.L.P. Reimbursement Resolution No. 1 /2ZO5 X Page 2 of 2 P:IAGENDA120061Reimb Resgcpelec.doc THE CITYCF GEORGETOWN: Gary ` elon Mayor