HomeMy WebLinkAboutRES 971014-MRESOLUTION 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
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.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.
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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. WK4
des.