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HomeMy WebLinkAboutRES 121316-R - Bond Reimbursement ElectricRESOLUTION NO. 1 a -i 3 j 6 _P, A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS, EXPRESSING OFFICIAL INTENT TO REIMBURSE COSTS OF CERTAIN CAPITAL PROJECTS, FACILITIES AND EQUIPMENT. 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 construction, design, and/or acquisition of the facilities and equipment 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. 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 $7,025,000 for the purpose of paying the costs of the projects described below: Original 2017 Electric CIP Debt Funded 3,750,000 Additional 2017 Electric CIP Debt Funded 1,100,000 Original 2016 Electric CIP Debt (CIS) 0 Additional 2017 Electric CIP Debt Funded 2,175,000 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. Resolution Number: Page 1 of 2 Description: Bond Reimbursement Resolution 2017 - Electric Date Approved: December 13, 2016 SECTION 4. This resolution shall be effective immediately upon adoption. RESOLVED this 13th day of December 2016. ATTEST: J p Shelley Nowli City Secretary APPROVED AS TO FORM: Charles McNabb City Attorney Reimbursement Resolution No. Q t 3 l Page 2 of 2 THE CITY OF GEORGETOWN: cl✓V By: Dale Ross Mayor