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HomeMy WebLinkAboutRES 100813-WRESOLUTION NO. : 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 the construction; design, and /or 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 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 $14,197,500 for the purpose of paying the costs of the projects described below: Public safety vehicles and equipment $1,436,000 Facility, downtown & park improvements 1,516,000 Stormwater drainage CIP 459,000 Electric CIP 3,840,300 Water CIP 6,946,200 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. Resolution Number: I Qorl — W Page 1 of 1 Description: Bond Reimbursement Resolution 2013/14 Date Approved: October 8, 2013 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 8th day of October 2013. ATTEST: v J s, ica Brettl , ity Secretary APPROVED AS TO FORM: Bridget Ch p ' n City Attorney THE CITY OF GEORGETOWN: By: eor Garver Mayor Reimbursement Resolution No. 1 V t3 ° Page 2 of 2 L: IDivisionlfinancelShare2lIIGENDA12013kjVfuniAgendaV 10 Oct 8117 Reimbursement ResolutionlReimbResCIP13 .14.docx