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HomeMy WebLinkAboutRES 941213-K - Reimburse Certain Project CostRESOLUTION NO. `?41o?_ 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 RE, SOLVED 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 resolution implements Utilities/Energy Policy 5 of the Century Plan - Policy Plan Element, which states : "Water, wastewater, electricity, and solid waste collection services meet the immediate and future needs of all citizens and encourage and provide for economic development"; 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 $6,000,000 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. Resolution Title No.1.3• Page 1 of 2 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 13th day of December, 1994. ATTEST: Sandra D. Lee City Secretary APPROVED AS TO FORM: CAII Marianne Landers Banks City Attorney Resolution Title No.11/1Z / 3 Page 2 of 2 THE CITY OF GEORGETOWN: By: LEO WOOD Mayor Planning, design, acquisition and construction of the following projects which may be financed by one or more seperate series of various types of tax-exempt obligafions- Electric Fund: North Feeder to Sierra Drive West & 7th Reconductor 336mcm ACC Feeder - Williams Drive Hwy 71 & '12nd Street Hwy 29 Relocation Water Fund. Water Line to Serenada Fourth Water Pump Wastewater Fund - Pecan Branch Interceptor Pecan Branch Upsizing Effluent Return Line WIN= 410111.492