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HomeMy WebLinkAboutRES 041211-F - Puchase Land Fire StationRESOLUTION NO. 01-1i I I� A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GEORGETOWN TEXAS, EXPRESSING OFFICIAL INTENT TO REIMBURSE COSTS OF THE PURCHASE OF LAND FOR FIRE STATION 2 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 acquisition of the land 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 ifcopied 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 $350,000 for the purpose of paying the costs of the projects described below: Land Purchase $350,000 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. All tax supported debt to be issued within this resolution will be issued within the term of the Council authorizing this resolution If the tax supported portion of this debt is not issued before the approving Council leaves office all projects included in the above schedule that are to be funded with tax supported debt must be reauthorized by Council. SECTION 4. The foregoing notwithstanding, no tax-exempt obligation will be issued pursuant to this Resolution more than three years after the date any expenditure which is to be reimbursed is paid. Reimbursement Resolution No. 0 1 F Page 1 of 2 C:IProgram Files\Neevia.Com\Document Converterltemp\PDFConvert.4486.1.Reim6Resolutionfirecip.doc SECTION 5. This resolution shall be effective immediately upon adoption. RESOLVED this 12th day of Apnl 2011. ATTEST: THE CITY OF GEORGETOWN: ca Brettle By: George Garver Secretary Mayor APPROVED AS TO FORM: Mark Sokolow City Attorney Reimbursement Resolution No. 0"1 1 a f 1 F Page 2of2 C: (Program FilesWeevia.ComIDocument Converterktetnp\PDFConvert.4486.1.Reim6Resolutionfirecip.doc