HomeMy WebLinkAboutR2004-052Si\Our Documents'dtesolutions~04kreimbursement r~solution - vehicles.doc
RESOLUTION NO. /~7r~[4-/~:~
A RESOLUTION TO DECLARE THE INTENT TO REIMBURSE EXPENDITURES FROM
THE MOTOR POOL FUND WITH CERTIFICATES OF OBLIGATION SO THAT
VEHICLES APPROVED IN THE 2004-05 BUDGET MORE FULLY DESCRIBED IN THE
ATTACHMENT TO THIS RESOLUTION MAY BE PURCHASED; 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 in connection with the purchase of
vehicles for various City departments referred to as vehicle purchases which were previously
approved in the 2004-05 Budget and are more fully 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 Projects; NOW, THEREFORE,
THE COUNCIL OF THE CITY OF DENTON HEREBY RESOLVES:
SECTION 1. That the Issuer reasonably expects to incur debt, as one or more series of
obligations, with an aggregate maximum principal mount equal to $1,500,000 for the purpose of
paying the costs of vehicles, as set forth in the attached Attachment "A" which is made a part of
this resolution for all purposes.
SECTION 2. That all costs to be reimbursed pursuant hereto will be for purchase of
vehicles. 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(l) 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 fi~om the Motor Pool Fund for the vehicles set
forth in Attachment "A" to pay any costs of the vehicles shall be reimbursed from Certificate of
Obligation bond proceeds within the 2004-05 fiscal year.
SECTION 3. That 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.
SECTION 4. That this resolution shall become effective immediately upon its passage
and approval.
PASSED AND APPROVED this the ~r~ ~/¢ dayof ¢,~ff~~,]2004.
S:\Our DocumcntshResolutions~04~reimbursemcnt resolution - vehicles.doc
EULINE BROCK, MAYOR
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
APPROVED AS TO LEGAL FORM:
HERBERT L. PROUTY, CITY ATTORNEY
BY:
Page 2
Attachment A
2004-05 Motor Pool Fund Vehicles $1,500,000
The 2004-05 budget approved by Council included the issuance of Certificates of
Obligation to purchase vehicles for new police officers and replacement vehicles for
Parks Maintenance, Fire, Streets, Traffic, and Police Departments.