R-07-02-22-8B1 - 2/22/2007RESOLUTION NO. R -07-02-22-8B1
WHEREAS, the Board of Directors of the Round Rock Transportation
System Development Corporation ("RRTSDC") has approved a resolution
authorizing the
documents to make
Infrastructure
President of the RRTSDC
a request for financial
Bank
in
an amount not to
for the cost of improvement
Collector/Distributor and Hesters
and
to execute appropriate
assistance to the State
exceed $16,000,000 to provide
of the IH 35 Frontage Road
Crossing Bridge Replacement Project,
WHEREAS, the City Council wishes to grant its approval of said
action, Now Therefore
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF ROUND ROCK, TEXAS,
That the City Council hereby approves of the action taken by the
RRTSDC in authorizing its president to execute appropriate documents to
request financial assistance from the State Infrastructure Bank in the
amount of $16,000,000 for the IH 35 Frontage Road Collector/Distributor
and Hesters Crossing Bridge Replacement Project.
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 22'd day of February,
NYLfrir wI , • ayor
City 6f Round Rock, Texas
CHRISTINE R. MARTINEZ, City Secj-tart'
o:\wdox\RESOLDTI\rrtsdc\R7022201 .WPD/rmc
DATE: February 15, 2007
SUBJECT: City Council Meeting - February 22, 2007
ITEM: 8.B.1. Consider a resolution approving the action of the Round
Rock Transportation System Development Corporation
requesting financial assistance from the State Infrastructure
Bank in an amount up to $16,000,000 for the construction
of the IH 35 Frontage Road Collector/Distributor and
Hesters Crossing Bridge Replacement Project.
Department: Finance
Staff Person: Cindy Demers, Director
Justification:
Obtaining a State Infrastructure Bank (SIB) Loan for this project will facilitate timely
construction of IH 35 Frontage Road Collector/Distributor and Hester's Crossing
Bridge Replacement without adversely impacting other scheduled projects on the
TCIP. SIB loans offer favorable terms, including a secondary lien position to bonded
debt.
Funding:
Cost: Up to $16,000,000
Source of funds: N/A
Outside Resources: State Infrastructure Bank
Background Information:
This project is included in the corporation's currently approved Transportation Capital
Improvement Program.
Public Comment: N/A