R-07-08-09-8C1 - 8/9/2007 RESOLUTION NO. R-07-08-09-8C1
WHEREAS, the City of Round Rock, Texas (the "City") expects to
pay expenditures in connection with the project 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 CITY COUNCIL OF THE CITY OF ROUND ROCK,
TEXAS THAT:
Section 1 . The City reasonably expects to incur debt, as one or
more separate series of various types of obligations, with an
aggregate maximum principal amount not to exceed $11, 000, 000 for the
purpose of paying the costs of the Project.
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.
0:\wdox\RESOLUTI\R70809C1.WPD/MC
Section 3 . 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.
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 9th day of August, 2,V6_7?
N 5Z; _, Mayor
City of Round Rock, Texas
AT ST:
CHRISTINE R. MARTINEZ, City Secret-4y,
2
EXHIBIT A
Costs related to the construction of the Brushy Creek regional water project including land acquisition,
intake structures, water lines, water treatment plant, transmission lines and related legal, engineering,
environmental and other related costs.
CERTIFICATE FOR RESOLUTION NO. R-07-8-09-8C1
THE STATE OF TEXAS §
COUNTIES OF WILLIAMSON AND TRAVIS §
CITY OF ROUND ROCK §
The undersigned City Secretary of the City of Round Rock,
Texas (the "City" ) , hereby certify as follows :
1 . The City Council of the City convened in a REGULARLY
SCHEDULED MEETING ON THE 9"' DAY OF AUGUST , 2007, at the
designated meeting place (the "Meeting" ) , and the roll was
called of the duly constituted officers and members of the
Council, to-wit :
Nyle Maxwell, Mayor
Rufus Honeycutt, Place 1
Alan McGraw, Mayor Pro-tem, Place 2
Joe Clifford, Place 3
Carlos T. Salinas, Place 4
Scott Rhode, Place 5
Kris Whitfield, Place 6
and all of the persons were present, except the following
absentees : None I thus constituting a quorum.
Whereupon, among other business, the following was transacted at
the Meeting: a written
RESOLUTION EXPRESSING OFFICIAL INTENT TO REIMBURSE
CERTAIN EXPENDITURES
was duly introduced for the consideration of the City Council .
It was then duly moved and seconded that the Resolution be
passed; and, after due discussion, said motion carrying with it
the passage of the Resolution, prevailed and carried by the
following vote:
AYES : 7
NAYS : 0
2 . A true, full and correct copy of the 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 City Council ' s minutes of the
Meeting; that the above and foregoing paragraph is a true, full
and correct excerpt from the City 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 city officials as indicated
therein; that each of the elected officials and members of the
City Council was duly and sufficiently notified officially and
personally, in advance, of the time, place and purpose of the
Meeting, and that the Resolution would be introduced and
considered for passage at the Meeting, and each of the elected
officials and members consented, in advance, to the holding of
the Meeting for such purpose, and 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.
3 . The Mayor of the City has approved and hereby approves
the Resolution and the Mayor and the City Secretary of the City
have duly signed the Resolution.
Ow�tSIGNED AND SEALED the k. SL"
CHRISTINE R. MARTINEZ, City Secretary
[CITY SEAL]
DATE: August 2, 2007
SUBJECT: City Council Meeting - August 9, 2007
ITEM: 8C1. Consider a resolution expressing official intent to reimburse certain
expenditures for the Brushy Creek Regional water project.
Department: Finance
Staff Person: Cindy Demers, Finance Director
Justification:
As part of the regional water project with Cedar Park and Leander, the City of Round Rock
anticipates utilizing cash to pay for costs of the regional water project prior to the issuance
of debt. The City intends to partially fund the project with tax-exempt utility revenue
bonds. In order to allow the City to be reimbursed from bond proceeds for project
expenditures incurred prior to debt issuance, the City must express its official intent to do
so in accordance with Internal Revenue Service regulations. This resolution does not bind
the City for any future action; it simply ensures all financing options remain available to the
City.
Funding•
Cost: N/A
Source of funds: N/A
Outside Resources: McCall, Parkhurst & Horton, L.L.P., Bond Counsel
First Southwest Company, Financial Advisors
Background Information: N/A
Public Comment: N/A