HomeMy WebLinkAboutRES 062618-L - Airport Bond ReimbursementRESOLUTION NO. DV1 �06-L
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 Airport Runway
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 $510,000 for the purpose of paying
the costs of the projects described below:
Airport Runway with TXDOT $500,000
Estimated issuance costs $10,000
$510,000
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.
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
Resolution Number: �'a�o\ g r L— Page 1 of 2
Description: Bond Reimbursement Resolution -Airport
Date Approved: June 26, 2018
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 26th day of June, 2018.
ATTEST:
S
Shelley Nowling
6
City Secretary
APPROV --AS, TO FORM:
Charlie McNabb
City Attorney
Reimbursement Resolution No. Oo -
Page 2 of 2
THE CITY OF GEORGETOWN:
/�'Cv K��,Qme_'
By' a Ross
Mayor