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HomeMy WebLinkAboutRES 971014-M - Reimburse Bond ProceedsRESOLUTION NO. ! 1011 _ IV A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS, EXPRESSING OFFICIAL INTENT TO REIMBURSE COSTS OF CERTAIN PROJECTS TO INCLUDE FACILITY ACQUISITION AND CONSTRUCTION, AND STORMWATER DRAINAGE AND ELECTRIC SYSTEM 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 on Exhibit "A" attached hereto (the "Projects") 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. Facilities and Services Policy End 4.0, which states: "The City provides for the safety of its citizens and supports the responsive delivery of coordinated services by the City and other public agencies," and 2. Finance Policy End 5.0, which states: "All municipal operations are conducted in an efficient business -like manner and sufficient financial resources for both short- term and long-term needs are provided," and 3. Recreation and Cultural Affairs Policy End 11.0, which states: "All citizens actively participate in community -wide social, cultural, and recreational activities," Reimbursement Resolution No. 9 ! 1011 'I H Page 1 of 2 .F•W GE NDA1981REIMBURS-RE S 4. Utilities / Energy Policy End 14.0, which states: "Georgetown's utility systems provide safe and reliable service which meets the needs of all citizens and promotes the economic health of the community," 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 $5,430,000 for the purpose of paying the costs of the Projects. 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 14th day of October, 1997. ATTEST: THE CITY OF GEORGETOWN: _A,�s Sandra D. Lee City Secretary APPROVED AS TO FORM: Marianne Landers Banks City Attorney Reimbursement Resolution No. Page 2 of 2 F. IAGENDA1981REIMBURS. RES 7 � By: LEO WOOD Mayor EXHIBIT A CITY OF GEORGETOWN - Planned Bond Uses Combination Tax & Revenue Certificates of Obligation, Series 9998 Park Improvements - Purchase Berry Creek Racquet Club $ 600,000 Police Department - Building Remodel 900,000 Underwriter's Discount & Issuance Cost - Tax Supported 55,000 Tota[ Gerbfcates of Obligation - TAX SUPPORTED 1;555,000' Stormwater Drainage Improvements: (1997/98 & 1998/99) Dunman Drive $ 250,000 West 22nd Extension 100,000 !-35 Frontage Road Retaining Wall 250,000 Thousand Oaks 280,000 San Gabriel Overlook 120,000 Smith Branch 115,000 Railroad Street 92,000 Gabriel View 57,500 Berry Creek 172,500 Serenada 100,000 Churchill Farms 57,500 9th Street & Elm 115,000 4th Street & Ash 51,800 Norwood West 80,000 Drainage Policy Manual 162,200 Other Drainage Projects 172,700 Total Stormwater Drainage Improvements 2,176,200 Underwriter's Discount & Issuance Cost - Self Supported Tota[ ,Certificates of Obligation ='SELF SUPPORTED ONUSES Utility System Revenue Bonds, Series 9998 Electric Capital Improvements: GB70 Conversion GB20 Berry Creek Reserve GB20 Sun City Dual Circuit Feeder Sun City Glasscock Substation Additions Other Electric Projects Total Electric Capital Improvements Cost of Issuance $ 284,200 175,000 178,875 525,250 132,000 284,675 68,800 2,245,000 $ 3,800,000 $ 1,580,000 50,000 T,QTAL.UTILITY;SYSTEM REUENUE:BONDUSES $ 1,630,000 .GRAND TOTAL. $ 5,430,000 F:IBONDS%BONDISSUl97ISSUESWROPUSES. 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