HomeMy WebLinkAboutRES 111009-I - Reimburse Cost Facilities Etc.RESOLUTION NO. 0.0
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS,
EXPRESSING OFFICIAL INTENT TO REIMBURSE COSTS OF CERTAIN FACILITIES,
INFRASTRUCTURE .AND .EQUIPMENT.
TEXAS, THAT:
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 acquisition of the facilities and
equipment 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 objectivesy
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,
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.
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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 $22,240,000 for the purpose of paying the costs
of the projects described below:
Facility Improvements
Fire Station #5
Electric Improvements
Includes items for system growth and management
Water Services Improvements
Includes water mains for the annexation plan, as well as plant, line and
interceptor expansions to accommodate growth
Drainage Improvements
Includes various curb and gutter replacements, drainage improvements and
and Maple Street culvert improvements
Roadway Improvement
Includes DB Wood widening and Williams Drive widening
TOTAL PROPOSED DEBT
2,500,000
4,350,000
11,370,000
1,200,000
2,820'000
$22,240,000
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
p 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.
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Reimbursement Resolution No) l Qo 1 ,,
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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 10th day of November 2009.
ATTEST:
Ica Ha
ty Secretary
4,/ 401%
i
Aditritil
Iron WI
APPROVED AS TO FORM:
it/4 &Aelet-
Mark Sokolow
City Attorney
THE CIT., OF GEORGETOWN:
By: Geo •• a Garver
Mayor
Reimbursement Resolution No. 111001
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