R-96-02-08-10D - 2/8/1996The City reasonably expects to incur debt, as one or more
RESOLUTION NO. R- 96- 02- 08 -10D
WHEREAS, the City of Round Rock, Texas (the "City ") is a home
rule city within the State of Texas; and
WHEREAS, at an election held within the City on January 20,
1996, the voters approved the issuance of bonds for various
projects as further set forth in the Resolution Canvassing Bond and
Charter Amendment Election Returns adopted by the City Council on
January 25, 1996; and
WHEREAS, the City expects to make expenditures in connection
with certain of the projects approved by the voters at the election
held on January 20, 1996 as further described on Exhibit "A"
attached hereto (the "Project ") prior to the issuance of
obligations to finance the Project; and
WHEREAS, the City finds, considers, and declares that the
reimbursement of the City for the payment of such expenditures will
be appropriate and consistent with the lawful objectives of the
City 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 COUNCIL OF THE CITY OF ROUND ROCK,
TEXAS,
separate series of bonds, with an aggregate maximum principal
C:\ UPOOCS \RSSOLUTI \RSSO2080.XP0 /kg
I.
amount equal to Seven Hundred Thousand and No /100 ($700,000.00)
Dollars for the purpose of paying the costs of the Project.
II.
All costs to be reimbursed pursuant hereto will be capital
expenditures. No tax - exempt obligations will be issued by the City
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 obligations 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 8th day of February, 1996.
ATTEST:
E LAND, City Secretary
2.
CHARLES CUYPER, Mayor
City of Round Rock, Texas
Exhibit " A "
The following projects which may be financed by one or more separate
series of bonds:
Bowman Road extension and Improvements
DATE: February 6, 1996
SUBJECT: City Council Meeting, February 8, 1996
ITEM: 10. D. Consider a resolution expressing official intent to reimburse costs
related to various capital improvements.
STAFF RESOURCE PERSON: David Kautz
As previously discussed with the Council, it is important that the voter authorized extension of
Bowman Road begin as soon as possible. The costs incurred for this extension will be
advanced by the General Fund and reimbursed by a future genera! obligation bond sale.
The federal tax code regulations require the City to express its intent to reimburse any capital costs
associated with the above project. That is the purpose of the attached resolution. Staff
recommends approval of the resolution.