HomeMy WebLinkAboutRES 941213-K - Reimburse Certain Project CostRESOLUTION NO. `?41o?_
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 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 RE, SOLVED 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 Utilities/Energy Policy 5 of the Century Plan - Policy Plan Element, which
states : "Water, wastewater, electricity, and solid waste collection services meet the immediate
and future needs of all citizens and encourage and provide for economic development"; 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 $6,000,000
for the purpose of paying the costs of the Projects.
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.
Resolution Title No.1.3•
Page 1 of 2
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 13th day of December, 1994.
ATTEST:
Sandra D. Lee
City Secretary
APPROVED AS TO FORM:
CAII
Marianne Landers Banks
City Attorney
Resolution Title No.11/1Z / 3
Page 2 of 2
THE CITY OF GEORGETOWN:
By: LEO WOOD
Mayor
Planning, design, acquisition and construction of the following projects which may be
financed by one or more seperate series of various types of tax-exempt obligafions-
Electric Fund:
North Feeder to Sierra Drive
West & 7th Reconductor
336mcm ACC Feeder - Williams Drive
Hwy 71 & '12nd Street
Hwy 29 Relocation
Water Fund.
Water Line to Serenada
Fourth Water Pump
Wastewater Fund -
Pecan Branch Interceptor
Pecan Branch Upsizing
Effluent Return Line
WIN= 410111.492