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HomeMy WebLinkAboutRES 100918-O - Bond ReimbursementRESOLUTION NO. � 0 09 � i— 0 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS, EXPRESSING OFFICIAL INTENT TO REIMBURSE COSTS OF CERTAIN CAPITAL PROJECTS, FACILITIES AND EQUIPMENT. 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 construction, design, and/or acquisition of the facilities and equipment described in Section 2 prior to the issuance of the 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 $16,756,165 for the purpose of paying the costs of the projects described in Exhibit A. 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 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 9th day of October, 2018. Resolution Number: 1 O09 IQ ^ 0 Page 1 of 4 Description: Bond Reimbursement Resolution Date Approved: October 9, 2018 ATTEST: S Shelley NowliRpp�� City Secretary APPROVED AS TO FORM: 4GG GharcNabb City Attorney Reimbursement Resolution No. 1000115-0 Page 2 of 2 THE CITY OF GEORGET WN: le oss Mayor EXHIBIT A Certificate of Obligation Self Supporting 100,000 Downtown Parking Garage -Downtown TIRZ 350,000 Southeast Inner Loop-GTEC 3,600,000 Stormwate r CI P 475,000 Stormwater Street Sweeper(Fleet) 280,000 Transfer Station -Design 800,000 Self Supporting Total 5,155,000 Tax Supported Blue Hole Parking Expansion and Sidewalk 100,000 Downtown Parking Expansion Phase II 350,000 Downtown Parking Garage 2,500,000 Fire Station 1 & 3 - Remodel 30,000 Fire Station 7 3,125,000 Neighborhood Park Development 250,000 Public Safety Vehicles- Fire Vehicles 1,050,500 Public Safety Vehicles- Police Vehicles 558,500 Radio Replacement -Police & Fire 500,000 Rock St Sidewalk (9th -6th St) - SCBA Replacement 290,000 Shell Road Sidewalk - VFW Parking Lot Addition 175,000 Tax Supported Total 8,929,000 Certificate of Obligation Total 14,084,000 Reimbursement Resolution No. k d c) 100-0 Page 3 of 2 EXHIBIT A - General Obligation - Tax Supported Leander Road (Norwood to SW Bypass) 1,000,000 NB Frontage Road 75,000 Southeast In ne r loop 600,000 Southwestern Blvd 775,000 Tax Supported Total 2,450,000 General Obligation Total 2,450,000 -Revenue - Revenue Electric CIP - Electric Radios 222,165 Water CIP - Revenue Total 222,165 Revenue Total 222,165 Grand Total 16,756,165 Reimbursement Resolution No. I oo 11,� —© Page 4 of 2