R-10-09-23-10D3 - 9/23/2010RESOLUTION NO. R -10-09-23-10D3
WHEREAS, the City wishes to adopt the attached 4B Policy, Now Therefore
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF ROUND ROCK, TEXAS,
That the 4B Policy, attached hereto as Exhibit "A" and incorporated herein, is hereby
approved and adopted.
The City Council hereby finds and declares that written notice of the date, hour, place and
subject of the meeting at which this Resolution was adopted was posted and that such meeting was
open to the public as required by law at all times during which this Resolution and the subject
matter hereof were discussed, considered and formally acted upon, all as required by the Open
Meetings Act, Chapter 551, Texas Government Code, as amended.
RESOLVED this 23rd day of September, 2010.
ATTEST:
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SARA L. WHITE, City Secretary
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ALAN MCGRAW, Mayor
City of Round Rock, Texas
EXHIBIT "A"
Policy Regarding the use of Type B Funds
Subject to compliance with bond covenants in connection with Type B sales and use tax bonds, it is
the current intention of the City Council, subject to change by this City Council and any future City
Council to expend Type B sales and use tax funds as follows:
• No Tess than 90% of the Type B Funds received will be used for transportation
projects.
• The remaining 10% may be used for Economic Development purposes covered under
the code including:
- City funding for the Round Rock Economic Development Partnership for ongoing
programs.
- Any remaining funds will be placed into a dedicated Economic Development
Account to be used for any lawful purpose under the code and in accordance with
economic development strategies.
ROUND ROCK, TEXAS
PURPOSE. PASSION. PROSPERITY
Agenda Item No. 10D3.
City Council Agenda Summary Sheet
Consider a resolution adopting a policy for the use of Type B Sales Tax funds, subject to
Agenda Caption: the outcome of the November 2 election.
Meeting Date: September 23, 2010
Department: Administration
Staff Person making presentation: Jim Nuse
City Manager