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HomeMy WebLinkAboutRES 052802-B - Water Treatment Plan ExpRESOLUTIONNO. i B A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS, EXPRESSING OFFICIAL INTENT TO REIMBURSE COSTS OF CERTAIN PROJECTS TO INCLUDE WATER INFRASTRUCTURE IMPROVEMENTS. 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 design, planning, acquisition and construction of the projects 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. The City Council hereby finds that this ordinance implements the following policy of the Century Plan - Policy Plan Element: 1. Utilities / Energy Policy End 12.00, which states: City owned, sponsored or managed utilities provide safe, adequate and reliable services to all customers; and 2. Finance Policy End 14.00, 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 $5,500,000 for the purpose of paying the costs of the projects described below: Reimbursement Resolution No. 05-2 0 2. Page 1 of 2 \ \GTOWN 2\DATAI\ DIVISION\ FINANCE \SHARE2\AGENDA\2002\REIMB RESOLUTION WATER.DOC Lake Water Treatment Plant Expansion $5,500,000 Total $5,500 Q00 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. The foregoing notwithstanding, no tax - exempt obligation will be issue 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 28th day of May, 2002. ATTEST: Sandra D. Lee City Secretary APPROVED AS TO FORM: Patricia E. Carls, Brown & Carls, L.L.P. City Attorney THE CITY OF GEORGETOWN: By: Gar}´┐ŻNelon Mayor Reimbursement Resolution No. Page 2 of 2 \ \GTOWN 2\DATA1\ DIVISION\ FINANCE ISHARE2\AGENDA\2002\REIMB RESOLUTION WATER.DOC