HomeMy WebLinkAboutRES 950926-X - Intent Reimburse StreetA RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GEORGETOWN, TEXAS, EXPRESSING OFFICIAL INTENT TO
REIMBURSE COSTS OF CERTAIN PROJECTS TO INCLUDE STREET
INFRASTRUCTURE IMPROVEMENTS.
-IAIBEREAS, the City of Georgetown, Texas (the "Issuer") is a home -rule City of the State
of Texas; and
VffMREAS, the Issuer expects to pay expenditures in connection with the design, planning,
acquisition and construction of the projects described on Exhibit "A" attached hereto (the "Projects")
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 resolution
implements Transportation Policy I of the Century Plan - Policy Plan Element, which states : "The
City's transportation system provides for the safe and efficient movement of traffic, promotes
economic interests of the community, and adequately serves the personal needs of individuals."; 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 $1,370,000 for
the purpose of paying the costs of the Projects.
paying
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.
but -
Resolution Title No.
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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 26th day of September, 1995.
ATTEST: THE CITY OF GEORGETOWN:
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Sandra D. Lee By: tEO WOOD
City Secretary
APPROVED AS TO FORM:
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Marianne Landers Banks
City Attorney
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Resolution Title No.
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Planning, design, acquisition and construction of the following projects which may be financed by one
or more separate series of various types of tax-exempt obligations:
• Valley (1460 to Maple) - construct street
15th Street (Hutto to Maple) - rebuild street
Railroad Street (2243 to SH 29) - construct street
?ebnhxrsement
Resolution Title No.
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