R-14-01-23-G8 - 1/23/2014RESOLUTION NO. R -14-01-23-G8
RESOLUTION EXPRESSING OFFICIAL INTENT TO REIMBURSE CERTAIN
EXPENDITURES OF THE CITY OF ROUND ROCK, TEXAS
WHEREAS, the City Council of the City of Round Rock, Texas (the "Issuer") expects to pay
expenditures in connection with the projects described on Exhibit "A" attached hereto (the "Project")
prior to the issuance of obligations to finance the Project; and
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 Project, Now Therefore
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ROUND ROCK,
TEXAS:
Section 1. The Issuer reasonably expects to incur debt, as one or more separate series of
various types of obligations, with an aggregate maximum principal amount not to exceed the amounts
set forth in Exhibit "A" for the purpose of paying the costs of the Project.
Section 2. 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 3. 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.
0112.1404;0029109
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 January, 2014.
ATTEST:
SARA L. WHITE, City Clerk
2
ALAN MCGRAW, Mayor
City of Round Rock, Texas
EXHIBIT A
All construction, land acquisition and other costs related to the propositions set forth below,
and the payment of any professional services in connection therewith including engineering, legal and
other related costs:
PROPOSITION I
Shall the City Council of the City of Round Rock, Texas, be authorized to issue the bonds
of the City, in one or more series, in the aggregate principal amount of $16,500,000 with the bonds
of each such series, respectively, to mature serially within not to exceed thirty years from their date,
and to be sold at such prices and bear interest at such rates, as shall be determined within the discretion
of the City Council, in accordance with law at the time of issuance, for the purpose of
constructing, improving, renovating and equipping City fire department facilities including the
acquisition of any necessary sites and fire apparatus and related water, wastewater, drainage,
streets, sidewalks, parking infrastructure and other related costs; and shall said City Council be
authorized to levy and cause to be assessed and collected annual ad valorem taxes on all taxable
property in the City in an amount sufficient to pay the annual interest on said bonds and provide a
sinking fund to pay the bonds at maturity?
PROPOSITION II
Shall the City Council of the City of Round Rock, Texas, be authorized to issue the bonds of
the City, in one or more series, in the aggregate principal amount of $56,500,000 with the bonds of
each such series, respectively, to mature serially within not to exceed thirty years from their date, and
to be sold at such prices and bear interest at such rates, as shall be determined within the discretion of
the City Council, in accordance with law at the time of issuance, for the purpose of constructing,
acquiring, improving, renovating, equipping, and/or developing land, buildings and facilities for City
park and recreational purposes; and shall said City Council be authorized to levy and cause to be
assessed and collected annual ad valorem taxes on all taxable property in the City in an amount
sufficient to pay the annual interest on said bonds and provide a sinking fund to pay the bonds at
maturity?
PROPOSITION III
Shall the City Council of the City of Round Rock, Texas, be authorized to issue the bonds of
the City, in one or more series, in the aggregate principal amount of $23,200,000 with the bonds of
each such series, respectively, to mature serially within not to exceed thirty years from their date,
and to be sold at such prices and bear interest at such rates, as shall be determined within the
discretion of the City Council, in accordance with law at the time of issuance, for the purpose of
constructing, renovating, improving, and equipping existing and/or additional City library facilities
including acquisition of any necessary sites and related water, wastewater, drainage, streets,
sidewalks, parking infrastructure and other related costs; and shall said City Council be authorized to
levy and cause to be assessed and collected annual ad valorem taxes on all taxable property in the
City in an amount sufficient to pay the annual interest on said bonds and provide a sinking fund to
pay the bonds at maturity?
3
PROPOSITION I V
Shall the City Council of the City of Round Rock, Texas, be authorized to issue the bonds of
the City, in one or more series, in the aggregate principal amount of $27,400,000 with the bonds of
each such series, respectively, to mature serially within not to exceed thirty years from their date, and
to be sold at such prices and bear interest at such rates, as shall be determined within the discretion of
the City Council, in accordance with law at the time of issuance, for the purpose of constructing,
improving, renovating and equipping joint City police and fire department training facilities
including the acquisition of any necessary sites and related water, wastewater, drainage, streets,
sidewalks, parking infrastructure and other related costs; and shall said City Council be authorized to
levy and cause to be assessed and collected annual ad valorem taxes on all taxable property in the
City in an amount sufficient to pay the annual interest on said bonds and provide a sinking fund to pay
the bonds at maturity?
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CERTIFICATE FOR RESOLUTION NO. R -14-01-23-G8
The undersigned City Clerk of the City of Round Rock, Texas (the "City"), hereby certify
as follows:
1. The City Council of the City convened in a REGULARLY SCHEDULED
MEETING ON THE 23r1 DAY OF JANUARY, 2014, at the designated meeting place (the
"Meeting"), and the roll was called of the duly constituted officers and members of the Council,
to -wit:
Alan McGraw, Mayor
Craig Morgan, Place 1
George White, Place 2
Joe Clifford, Place 3
Carlos T. Salinas, Place 4
John Moman, Place 5
Kris Whitfield, Mayor Pro -tem, Place 6
and all of the persons were present, except the following absentees: none, thus constituting a
quorum. Whereupon, among other business, the following was transacted at the Meeting: a
written
RESOLUTION EXPRESSING OFFICIAL INTENT TO REIMBURSE
CERTAIN EXPENDITURES OF THE CITY OF ROUND ROCK, TEXAS
was duly introduced for the consideration of the City Council. It was then duly moved and
seconded that the Resolution be passed; and, after due discussion, said motion carrying with it
the passage of the Resolution, prevailed and carried by the following vote:
AYES: 7
NOES: 0
2. A true, full and correct copy of the Resolution passed at the Meeting described in the
above and foregoing paragraph is attached to and follows this Certificate; that the Resolution has
been duly recorded in the City Council's minutes of the Meeting; that the above and foregoing
paragraph is a true, full and correct excerpt from the City Council's minutes of the Meeting
pertaining to the passage of the Resolution; that the persons named in the above and foregoing
paragraph are the duly chosen, qualified and acting city officials as indicated therein; that each of
the elected officials and members of the City Council was duly and sufficiently notified officially
and personally, in advance, of the time, place and purpose of the Meeting, and that the
Resolution would be introduced and considered for passage at the Meeting, and each of the
elected officials and members consented, in advance, to the holding of the Meeting for such
purpose, and that the Meeting was open to the public and public notice of the time, place and
RowidRock\GO@.RB\De1\14: ReimbursementResCert
1
purpose of the meeting was given, all as required by Chapter 551, Government Code, as
amended.
3. The Mayor of the City has approved and hereby approves the Resolution and the
Mayor and the City Clerk of the City have duly signed the Resolution.
RoundRock\GO&RB\Del \ 14: ReimbursementResCert
2
RESOLVED on this the 23rd day of January, 2014.
CITY OF ROUND ROCK, TEXAS
By:
ATTEST:
By:
Sara L. White, City Clerk
Round Rock GO&RB\I 4: ReimbursementRes
Alan McGraw, Mayor
RESOLUTION NO. R -14-01-23-G8
RESOLUTION EXPRESSING OFFICIAL INTENT TO REIMBURSE
CERTAIN EXPENDITURES OF THE CITY OF ROUND ROCK, TEXAS
WHEREAS, the City Council of the City of Round Rock, Texas (the "Issuer") expects to
pay expenditures in connection with the projects described on Exhibit "A" attached hereto (the
"Project") prior to the issuance of obligations to finance the Project; and
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 Project.
THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
ROUND ROCK, TEXAS:
Section 1. The Issuer reasonably expects to incur debt, as one or more separate series
of various types of obligations, with an aggregate maximum principal amount not to exceed the
amounts set forth in Exhibit "A" for the purpose of paying the costs of the Project.
Section 2. 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 3. 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.
Round Rock GO&RB\14: ReimbursementRes
PASSED AND APPROVED THIS 23rd DAY OF JANUARY, 2014.
Mayor
Round Rock GO&RB\14: ReunbursementRes
EXHIBIT A
All construction, land acquisition and other costs related to the propositions set forth
below, and the payment of any professional services in connection therewith including
engineering, legal and other related costs:
PROPOSITION I
Shall the City Council of the City of Round Rock, Texas, be authorized to issue the
bonds of the City, in one or more series, in the aggregate principal amount of $16,500,000
with the bonds of each such series, respectively, to mature serially within not to exceed thirty
years from their date, and to be sold at such prices and bear interest at such rates, as shall be
determined within the discretion of the City Council, in accordance with law at the time of
issuance, for the purpose of constructing, improving, renovating and equipping City fire
department facilities including the acquisition of any necessary sites and fire apparatus and
related water, wastewater, drainage, streets, sidewalks, parking infrastructure and other related
costs; and shall said City Council be authorized to levy and cause to be assessed and collected
annual ad valorem taxes on all taxable property in the City in an amount sufficient to pay the
annual interest on said bonds and provide a sinking fund to pay the bonds at maturity?
PROPOSITION II
Shall the City Council of the City of Round Rock, Texas, be authorized to issue the
bonds of the City, in one or more series, in the aggregate principal amount of $56,500,000 with
the bonds of each such series, respectively, to mature serially within not to exceed thirty years
from their date, and to be sold at such prices and bear interest at such rates, as shall be
determined within the discretion of the City Council, in accordance with law at the time of
issuance, for the purpose of constructing, acquiring, improving, renovating, equipping, and/or
developing land, buildings and facilities for City park and recreational purposes; and shall
said City Council be authorized to levy and cause to be assessed and collected annual ad
valorem taxes on all taxable property in the City in an amount sufficient to pay the annual
interest on said bonds and provide a sinking fund to pay the bonds at maturity?
PROPOSITION III
Shall the City Council of the City of Round Rock, Texas, be authorized to issue the
bonds of the City, in one or more series, in the aggregate principal amount of $23,200,000 with
the bonds of each such series, respectively, to mature serially within not to exceed thirty
years from their date, and to be sold at such prices and bear interest at such rates, as shall be
determined within the discretion of the City Council, in accordance with law at the time of
issuance, for the purpose of constructing, renovating, improving, and equipping existing
and/or additional City library facilities including acquisition of any necessary sites and
related water, wastewater, drainage, streets, sidewalks, parking infrastructure and other related
costs; and shall said City Council be authorized to levy and cause to be assessed and collected
annual ad valorem taxes on all taxable property in the City in an amount sufficient to pay the
annual interest on said bonds and provide a sinking fund to pay the bonds at maturity?
Round Rock GO&RB\I4: ReimbursementRes
PROPOSITION I V
Shall the City Council of the City of Round Rock, Texas, be authorized to issue the
bonds of the City, in one or more series, in the aggregate principal amount of $27,400,000 with
the bonds of each such series, respectively, to mature serially within not to exceed thirty years
from their date, and to be sold at such prices and bear interest at such rates, as shall be
determined within the discretion of the City Council, in accordance with law at the time of
issuance, for the purpose of constructing, improving, renovating and equipping joint City
police and fire department training facilities including the acquisition of any necessary sites
and related water, wastewater, drainage, streets, sidewalks, parking infrastructure and other
related costs; and shall said City Council be authorized to levy and cause to be assessed and
collected annual ad valorem taxes on all taxable property in the City in an amount sufficient to
pay the annual interest on said bonds and provide a sinking fund to pay the bonds at maturity?
Round Rock GO&RB\14: ReimbursementRes
/111..--'.
ROUND ROCK, TEXAS
PURPOSE KOOK PROSPERITY
City of Round Rock
Agenda Item Summary
Agenda Number: G.8
Title: Consider a resolution expressing official intent to reimburse certain
General Obligation Bond project expenditures from the proceeds of the
bond sales.
Type: Resolution
Governing Body: City Council
Agenda Date: 1/23/2014
Dept Director: Cheryl Delaney, Finance Director
Cost:
Indexes:
Attachments: Resolution
Department: Finance Department
Text of Legislative File 14-1094
This resolution allows for General Obligation bond related project costs to be spent before
bond proceeds are received. In November of 2013, voters authorized $123.6 million in
General Obligation bonds for 4 propositions. The City plan to issue $71 million in March of
2013. There are some preliminary expenditures related to these projects that will occur
before the bonds are issued. This resolution specifies that only projects related to the voter
authorized propositions may be applied to the use of the bond funds. Funds from the
Self -Financed Construction Fund will be allocated until bond proceeds are received.
Approval
City of Round Rock Page 1 Printed on 1/22/2014