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R-95-10-12-13G - 10/12/1995TEXAS, K: \RESOLUTI \R551012G.WPD /kg RESOLUTION NO. R- 95- 10- 12 -13G WHEREAS, the City of Round Rock, Texas (the "Issuer ") is a home -rule City of the State of Texas; and WHEREAS, the Issuer expects to pay expenditures in connection with acquiring certain vehicles and equipment (the "Property ") prior to the issuance of obligations to finance the Property; 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 Property; Now Therefore BE IT RESOLVED BY THE COUNCIL OF THE CITY OF ROUND ROCK, I. That 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 $450,000 for the purpose of paying the costs of the Property. II. That 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. III. 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. RESOLVED this 12th day of October, 1995. ATTEST: E LAND, City Secretary 2. CHARLES CU ER, Mayor City of Round Rock, Texas THE STATE OF TEXAS CITY OF ROUND ROCK NOES: 0 K: \RESOLDTI \R551012Z.WPD /kg CERTIFICATE FOR RESOLUTION We, the undersigned officers of the City of Round Rock, Texas (the "City "), hereby certify as follows: 1. The City Council of the City (the "Council ") convened in REGULAR MEETING ON THE 12TH DAY OF OCTOBER, 1995, at the City Hall (the "Meeting "), and the roll was called of the duly constituted officers and members of the City, to wit: Charles Culpepper, Mayor Martha A. Chavez, Councilmember Robert Stulka, Mayor Pro -Tem Robert Bennett, City Manager Rod Morgan, Councilmember Joanne Land, Asst. City Manager/ Rick Stewart, Councilmember City Secretary Earl Palmer, Councilmember David Kautz, Director of Finance Jimmy Joseph, Councilmember and all of the persons were present, except the following absentees: , thus constituting a quorum. Whereupon, among other business, the attached Resolution was duly introduced for the consideration of the Council. It was then duly moved and seconded that the Resolution be adopted; and, after due discussion, the motion carrying with it the adoption of the Resolution, prevailed and carried by the following vote: AYES: 2. A true, full and correct copy of the aforesaid 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 Council's minutes of the Meeting; that the above and foregoing paragraph is a true, full and correct excerpt from the 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 officers and members of the Council as indicated therein; that each of the officers and members of the Council was duly and sufficiently notified officially and personally, in advance, of the time, place and purpose of the aforesaid Meeting, and that the Resolution would be introduced and considered for passage at the Meeting, and each of the officers and members consented, in advance, to the holding of the Meeting for such purpose; that the Meeting was open to the public and public notice of the time, place and purpose of the aforesaid Meeting, and that the Resolution would be introduced and considered for passage at the Meeting, and each of the officers and members consented, in advance, to the holding of the Meeting for such purpose; that the Meeting was open to the public and public notice of the time, place and purpose of the Meeting was given, all as required by Chapter 551, Government Code, as amended. SIGNED AND SEALED this the a day of 2 lSlC.itb , 1995. 4'. JOOl E LAND, City Secretary DATE: October 10, 1995 SUBJECT: City Council Meeting, October 12, 1995 ITEM: 13. G. Consider a resolution expressing official intent to reimburse costs of acquiring certain vehicles and equipment. STAFF RESOURCE PERSON: David Kautz As discussed with the Council during the budget development process, the City plans to acquire new and replacement vehicles and equipment during the course of the budget year. The acquisitions are expected to be financed with short-term notes or lease purchase obligations. The federal tax code regulations require the City to first express its intent to reimburse any capital costs associated with the above acquisitions. That is the purpose of the attached resolution. Staff recommends approval of the resolution.