HomeMy WebLinkAboutRES 082702-X-1RESOLUTIONNO. „+„ /:`
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GEORGETOWN, TEXAS, EXPRESSING OFFICIAL INTENT TO
REIMBURSE COSTS OF CERTAIN GEORGETOWN TRANSPORTATION
ENHANCEMENT CORPORATION PROJECTS.
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 policies of the Century Plan - Policy Plan Element:
1. Transportation Policy End 10.00, which states: Citizens and commercial
goods move safely and efficiently throughout all parts of the City, 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 $3,000,000 for
the purpose of paying the costs of the projects described below:
Reimbursement Resolution No. 0 — 1
Page 1 of 2
\ \GTOWN 2\ DATA1 \DIVISIOAVINANCE\SHARE2WGENDA\ 2002 \GTEC\REIMB RESOLUTION GTEC.DOC
Rivery Bridge
Total
3,000,000
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. 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 27`h day of August, 2002.
ATTEST: THE CITY OF GEORGETOWN:
Sandra D. Lee
City Secretary
APPROVED AS TO FORM:
Patricia E. Carls, Brown & Carls, L.L.P.
City Attorney
By: Galy Nelon
Mayor
Reimbursement Resolution No.
Page 2 of 2
\ \GTOWN 2\DATAII DIVISION\ FINANCESHARE2WGENDA\2002\GTEC\REIMB RESOLUTION GTECDOC