HomeMy WebLinkAboutRES 092711-L - Reimburse Safety VehiclesRESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GEORGETOWN TEXAS, EXPRESSING OFFICIAL INTENT
TO REIMBURSE COSTS OF PUBLIC SAFETY VEHICLES
AND EQUIPMENT AND ROAD IMPROVEMENTS WITH
BONDS TO BE ISSUED AT A LATER DATE.
WHEREAS, the City of Georgetown, Texas (the "Issuer") is a home -rule City of the State of
Texas; and
WHEREAS, the Issuer expects to purchase Public Safety Vehicles and Equipment; and
WHEREAS, the Issuer also expects to pay for road improvements at Shell Road and Bellaire
Drive; and
WHEREAS, the Issue intends to issue obligations to finance the above Projects; and
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 Million for the
purpose of paying the costs of the projects described below:
Fire Apparatus $500,000
Public Safety Vehicles & Equipment 880,000
Road Improvements (Shell Rd @ Bellaire) 581,000
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 issued before the approving Council leaves office, all projects included in the above
Reimbursement Resolution No. Cot J ((a L
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schedule that are to be funded with tax supported debt must be reauthorized by Council.
SECTION 4. 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 5. This resolution shall be effective immediately upon adoption.
RESOLVED this 27th day of September 2011.
ATTEST:
ssica Brettle
ity Secretary
APPROVED AS.. • FORM:
Bridget Ch
Acting City At
THE CITY OF GEORGETOWN:
By: Georg arver
Mayor
Reimbursement Resolution No.
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