HomeMy WebLinkAboutRES 200411-N - Reimburse McMaster LightingA RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GEORGETOWN, TEXAS, EXPRESSING OFFICIAL INTENT TO
REIMBURSE THE COST OF LIGHTING THE MCMASTER ATHLETIC
COMPLEX.
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 lighting the McMaster
Athletic Complex prior to the issuance of obligations to finance the Complex;
WHEREAS, the Issuer finds, considers, and declares that the reimbursement of the Issuer
for the payment of such an expenditure 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 1.15 0-2 of the Treasury Regulations, to reimburse itself for such payments at such time as
it issues obligations to finance the Complex;
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:
1. Recreation and Cultural Affairs Policy End 9.00, which states: "Parks, open
space, recreation facilities and services, and social and cultural activities
contribute to an enhanced quality of life for the citizens of Georgetown," and
2. Finance Policy End 14.00, 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.
Reimbursement Resolution No. V 0 e r /
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SECTION 2. The Issuer reasonably expects to incur debt with a maximum principal amount
of $500,000 for the purpose of paying the costs of lighting the McMaster Athletic Complex which
will include lights for 4 softball fields, 2 soccer fields and one football field.
SECTION 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. The foregoing notwithstanding, no tax- exempt obligation will be issue
pursuant to this Resolution more than three years after the date any expenditure which is to be
reimbursed is paid.
SECTION 5. This resolution shall be effective immediately upon adoption.
RESOLVED this 11th day of April, 2000.
ATTEST:
Sandra D. Lee
City Secretary
APPROVED AS TO FORM:
Marianne Landers Banks
City Attorney
THE CITY OF GEORGETOWN:
>t r f
By: MaryEllen Kersch
Mayor
Reimbursement Resolution No. o?o ° —
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