HomeMy WebLinkAboutR2002-047A RESOLUTION TO DECLARE THE INTENT TO REIMBURSE EXPENDITURES FROM
THE UNRESERVED FUND BALANCE OF THE RECREATION FUND WITH
CERTIFICATES OF OBLIGATION SO THAT PROJECTS APPROVED IN THE 2002-2003
CAPITAL IMPROVEMENT BUDGET MAY BE COMMENCED; AND PROVIDING AN
EFFECTIVE DATE. (PROJECT- $565,000 FOR AQUATIC CENTER WATER PARK
EQUIPMENT)
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
equipment for the Aquatic Center Water Park more fully described in Attachment "A" (the
Project"); 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: The Issuer reasonably expects to incur debt, as one or more series of
obligations, with an aggregate maximum principal amount equal to $565,000.00 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 resolution for all purposes.
SECTION 2: All costs to be reimbursed will be for equipment 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(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. All
amounts expended from the Unreserved Fund Balance for the Projects to pay any costs of the
Projects shall be reimbursed from Certificate of Obligation proceeds within the 2002-2003 fiscal
year.
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.
SECTION 4: This resolution shall become effective immediately upon its passage and
approval.
PASSED AND APPROVED this the
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
APPI~V~; ~STO LEG~FORM:
HERBE~TTORNEY
day of ~ ~-/f~/ , 2002.
EULINE BROCK, MAYOR
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Attachment A
CITY OF DENTON, TEXAS
ANNUAL PROGRAM OF SERVICES
PROPOSED 2002-07 CAPITAL IMPROVEMENT PROGRAM
RECREATION FUND
TOTAL
REQUIRED AID TOTAL
OTHER* CITY IN PROJECT
YEAR DI~DEPT PROJECT NAME FUNDING CONST. COSTS
2002-03 Rec Water Park $ 565,000 $ 565,000 $ $ 565,000
TOTAL $ 565,000 $ 565,000 $ $ 565,000
Includes certificates of obligation, fund balance, and General Fund resources
Dedicated to Quality Service"