R-96-12-19-10E - 12/19/1996DEC -17 -86 16205 7OM2qCCALL PARKHURST &HORTON IO25124720B71 PAGE 2/3
lo? - 19 -10E D Q Q CF V
RESOLUTION EXPRESSING
OFFICIAL INTENT TO REIMBURSE
AMOUNT NOT TO EXCEED $75,000 FOR THE
FIRE STATION AND $900,000 FOR THE
MAINTENANCE FACILITY
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 to wit: a fire stations and
a City maintenance facility (the "Projects ") prior to the issuance of obligations to finance the
Projects; 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 Projects.
THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
ROUND ROCK, TEXAS:
Section I. The City reasonably expects to incur debt, as one or more separate series
of bonds, with an aggregate maximum principal amount not to exceed $75,000 for the fire station
and $900,000 for the City maintenance facility, constituting the Projects, for the purpose of
paying the costs of the Projects.
Section 2. 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.
Section 3_ 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.
DEC -17 -96 16:06 FiROMMCCALL PARKHURST &HORTON
ID:6124720871 PAGE 3/3
PASSE) AND APPROVED THIS f ` zu / / 9
Mayor, City of RRnd Rock, Texas
DATE: December 17, 1996
SUBJECT: City Council Meeting, December 19, 1996
ITEM: 10. E. Consider a Resolution Expressing Official Intent to Reimburse Amount Not to
Exceed $75,000 for the Fire Station and $900,000 for the Public Works Maintenance
Facility.
STAFF RESOURCE PERSON: David Kautz
In January the voters authorized the issuance of G.O. Bonds to fund various City improvements,
including Fire Station improvements and a Public Works Maintenance Facility. A portion of the
bonds have been issued and the remainder of the bonds are expected to be issued in 1997 or
1998.
Construction bids for the Fire Station exceeded the funds available in the first bond issue.
Funds needed to complete this project will be advanced by the City's General Fund and will be
reimbursed by the second bond issue.
The City plans to accelerate construction of the Public Works Maintenance Facility. Funds for
this project are included in the second bond issue. Therefore, the City will advance
construction funds from the General Fund which will be reimbursed by the second bond issue.
The purpose of this resolution is to state the above intention in accordance with Federal
Treasury requirements regarding tax - exempt bond issues.