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Home My WebLink About2011-181SALegal\Our Documents\Ordinances1111Reimbursement-vehicles. doe ORDINANCE NO. 2011-181 AN ORDINANCE OF THE CITY OF DENTON, TEXAS, TO DECLARE THE INTENT TO REIMBURSE EXPENDITURES FROM THE UNRESERVED FUND BALANCE OF THE GENERAL FUND WITH CERTIFICATES OF OBLIGATION WITH AN AGGREGATE MAXIMUM PRINCIPLE AMOUNT EQUAL TO $2,070,092 TO FACILITATE THE PURCHASE OF GENERAL FUND VEHICLES AND EQUIPMENT; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City of Denton (the "Issuer") is a municipal corporation/political subdivision of the State of Texas; and WHEREAS, the issuer expects to pay expenditures for purchase of vehicles and equipment being fleet additions and replacements, which were approved in the 2011-2012 Capital Improvement Program Budget and are described in Attachment "A"; 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 Treasury Regulations, to reimburse itself for such payments at such time as it issues the obligations to finance the Project; NOW, THEREFORE, THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS: SECTION 1. The Issuer reasonably expects to incur debt, as one or more series of obligations, with an aggregate maximum principal amount equal to $2,070,092 for the purpose of paying the costs of the Project, as set forth in the attached Attachment "A", which is made a part of this Ordinance for all purposes as if incorporated word for word herein. SECTION 2. All costs to be reimbursed pursuant hereto will be for the purchase of fleet vehicles and equipment as authorized by Section 271.045(a)(1) of the Texas Local Government Code. No tax-exempt obligations will be issued by the Issuer in furtherance of this Ordinance 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 are made, is placed in service. That all amounts expended from the Unreserved Fund Balance of the General Fund for the Project set forth in Attachment "A" to pay any costs of the Project shall be reimbursed from Certificate of Obligation bond proceeds within the 2011-2012 fiscal year. SECTION 3. The foregoing notwithstanding, no tax-exempt obligation will be issued pursuant to this Ordinance more than three years after the date any expenditure which is to be reimbursed is paid. SECTION 4. This Ordinance shall become effective immediately upon its passage and approval. SALegal\Our Documents\Ordinances1111Reimbursement-vehicles.doc PASSED AND APPROVED this the day of &4410 / , 2011. MARKAA�BURk-OtGH , MAYOR ATTEST: JENNIFER WALTERS, CITY SECRETARY BY: 011 APPR VED A TO LEGAL FORM: ANITA BURGESS, CITY ATTORNEY BY: r` �J Page 2 of 2 ATTACHMENT A: Vehicle Replacement and Supplemental Additions FY11-12 HBU Dept/Div New Description Amount Estimate 402130 Parks/Main FORD Truck 3/4T Ext $ 27,852 2300011 Facilities Pick up Truck $ 23,500 310100 PD Ops Chev Impala $ 32,212 310100 PD Ops Chev Impala $ 32,212 310100 PD Ops Chev Tahoe $ 56,000 3101001 PD Ops Chev Impala $ 32,212 310100 PD Ops Chev Tahoe $ 56,000 310100 PD Ops Chev Tahoe $ 56,000 310100 PD Ops Chev Tahoe $ 56,000 310100 PD Ops Chev Tahoe $ 56,000 310100 PD Ops Chev Tahoe $ 56,000 310100 PD Ops Chev Tahoe $ 56,000 310100 PD Ops Chev Tahoe $ 56,000 310100 PD Ops Chev Tahoe $ 56,000 310100 PD Ops Chev Tahoe $ 56,000 310100 PD Ops Chev Tahoe $ 56,000 320100 Fire Ops Fire Engine Replacement $ 700,312 353001 Streets Backhoe/Loader $ 96,373 353001 Streets Skid Loader $ 43,250 353001 Streets Backhoe/Loader $ 96,373 352001 Traffic Intl/ Altec Bucket Truck $ 148,000 General Fund Subtotal $ 1,848,296 Admin Fee & Contingency 12% $ 221,796 General Fund Total $ 2,070,092 Supplementals / Additions FY11-12 GF Fleet Purchases (2).xls CO ORDINANCE 9/23/2011