HomeMy WebLinkAboutRES 052317-R - Bond ReimbursementRESOLUTION NO. D5a317—R
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GEORGETOWN, TEXAS, EXPRESSING OFFICIAL INTENT TO
REIMBURSE COSTS OF CERTAIN CAPITAL PROJECTS.
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 construction, design,
and/or acquisition of the facilities 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.
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 $2,650,000 for the purpose of paying
the costs of the projects described below:
Inner Peace $1,200,000
Pecan Branch $1,400,000
Estimated issuance costs $50,000
$2,650,000
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 Number: 0$0317-il Page 1 of
Description: Bond Reimbursement Resolution Inner Peace and Pecan Branch
Date Approved: May 23, 2017
SECTION 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.
SECTION 5. 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.
SECTION 6. This resolution shall be effective immediately upon adoption.
RESOLVED this 23rd day of May, 2017.
ATTEST:
Shelley NoCvl� in
City Secretary
APPROVED AS TO FORM:
Ch r e McNabb
City Attorney
Reimbursement Resolution No. 05x3 i%— K
Page 2 of 2
THE CITY OF GEORGETOWN:
I C. `i
By: Dale Ross
Mayor