HomeMy WebLinkAboutRES 022707-AA - Reimburse Radio SystemRESOLUTION NO. Oc c2707- 4
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS,
EXPRESSING OFFICIAL INTENT TO REIMBURSE COSTS OF UPGRADING RADIO
COMMUNICATION SYSTEM.
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 replacement of radio
equipment and dispatch consoles prior to the issuance of obligations to finance the replacements;
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. The City Council hereby finds that this ordinance implements the following
policy of the Century Plan - Policy Plan Element.
2. Finance Policy Statement 13.0, which states: "All municipal operations are conducted in an
efficient business -like manner and sufficient financial resources for both current and future needs are
provided,"
and further finds that the enactment of this resolution is not inconsistent or in conflict with any other Century
Plan Policies, as required by Section 2.03 of the Administrative Chapter of the Policy Plan.
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 $1,500,000 for
the purpose of paying the costs of the projects described below:
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 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.
Reimbursement Resolution No. 0227 f`
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SECTION 5. This resolution shall be effective immediately upon adoption.
RESOLVED this 27th day of February 2007.
ATTEST:
Sandra D. Lee
City Secretary
APPROVED AS TO FORM:
C,C
Patricia T. Carls, Brown and Carls, L.L.P.
City Attorney
Reimbursement Resolution No, 0 2 2 7
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THE CITY OF GEORGETOWN:
By:
ary Nelon
Mayor