R-99-06-24-10G2 - 6/24/1999RESOLUTION NO. R- 99- 06- 24 -10G2
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 property and improvements (the "Property "),
as listed in the attached Exhibit "A ", 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,
TEXAS,
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 $810,000 for the
purpose of paying the costs of the Property.
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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.
IV.
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, and the Act.
RESOLVED this 24th day of Ju
E LAND, City Secretary
2.
RO7 A. STLUKA, Jli Mayor
City of Round Rock, Texas
Exhibit A
Property List
Schedule of budgeted acquisitions and improvements (Operating Budget, fy1999) subject to
reimbursement from tax - exempt obligations.
Item
Fire Station Number 5 (construction completion)
Estimated Cost
$200,000
Land Acquisition (48 acres) $610,000
DATE: June 21, 1999
SUBJECT: City Council Meeting — June 24, 1999
ITEM: 10.G.2. Consider a resolution expressing official intent to reimburse costs of
acquiring property and constructing improvements. In accordance
with the amended operating budget, the City is to provide funding for
the completion of fire station number 5 as well as acquire 48 acres of
land. At a later date, the City may elect to reimburse the cost of these
capital purchases through a tax - exempt financing. Because of the tax -
exempt nature of the financing, Internal Revenue Service regulations
require the City to state its intentions before the transactions are
completed. Staff Resource Person: David Kautz, Finance Director.