The URL can be used to link to this page

Home My WebLink About2001-4495 �, 9pwwe M & 135 Bd.W Ramp tlw ORDINANCE NO 00- `f q 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 SO THAT A PROJECT MORE FULLY DESCRIBED IN THE ATTACHMENT TO THIS ORDINANCE MAY BE COMMENCED, DECLARING AN EMERGENCY AND AMENDING THE 2001-2002 CAPITAL IMPROVEMENT BUDGET TO ALLOW THE FUNDING FOR THE SPENCER ROAD AND I-35BRINKER ROAD RAMP, 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 projects in conjunction with Spencer Road and I-35 Brinker Road Ramp Project which is 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, and WHEREAS, the expenditures for the Project will be disbursed in the interim from the general unreserved fund balance, which is not appropriated at present in the 2001-2002 capital improvement budget for such use, and WHEREAS, after the budget was adopted, the City determined that in conjunction with the impending Denton Crossing project, a major retail center, the need for improvements to Spencer Road and the relocation of an Interstate 35-E northbound ramp south of Brinker Road will be critical to public health and safety regarding the area's transportation system, all of which could not, have reasonably been foreseen at the time of the adoption of the 2000-2001 capital improvement budget Time is of the essence since inaction could adversely impact public health and safety, the City's thoroughfare system, and economic viability of the City's tax base, and which creates an emergency and a grave public necessity that the budget be amended to fund these transportation roadway construction projects, and WHEREAS, Section 8 08 of the Denton City Charter provides that in case of grave public necessity, emergency expenditures to meet unusual and unforeseen conditions, which could not by diligent thought and attention have been included in the original budget, may be authorized by the affirmative vote of at least five of the members of the City Council as an amendment to the original capital improvement budget, and S Wur Spm[m M a 135 Drunker RuppC WHEREAS, the City Council finds that a grave public necessity exists which requires emergency expenditures for these master plan projects and the amendment of the 2001-2002 City of Denton Capital Improvement budget, NOW, THEREFORE, THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS SECTION 1 That the findings set forth in the above preambles to this ordinance are true and correct and are hereby adopted SECTION 2 The Issuer reasonably expects to incur debt, as one or more series of obligations, with an aggregate maximum principal amount equal to $3,000,000 for the purpose of paying the costs of the Project, as set forth in the attached Attachment "A", which is made apart of this for all purposes as if incorporated word for word herein SSECTION 3 All costs to be reimbursed pursuant hereto will be for the purchase of fleet vehicles and equipment, payment of contractual obligations for professional services, and/or construction of public works 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 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 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 2001- 2002 fiscal year SECTION 4 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 SSECTION 5 That the 2001-2002 capital improvement budget of Issuer is amended up to the amounts listed in Attachment "A", to provide for adjustments to the capital improvement budget Accordingly, the 2001-2002 capital improvement budget is hereby amended by transferring the sum of $3,000,000 from the unreserved fund balance, account number 100-3350, to the capital improvement fund, fund number 402 Immediately upon the sale and receipt of the proceeds from the certificate of obligations the sum of $3,000,000 or the actual amount transferred to the capital improvement fund shall be transferred to the unreserved fund balance If for any reason these adjustments to the capital improvement fund do not fully cover the expenditures anticipated in Attachment "A", the City Manager is authorized to provide such funds from the unreserved fund balance S,ECTION 6 That the City Secretary is directed to attach a copy of this ordinance to the original capital improvement budget and cause this amendment to be published once in the Denton Record -Chronicle Page 2 of 4 s wue WoummuwNinmoM0lVblmEvmmem 8pmuee M m 135 eni key ampE SECTION 7 This ordinance shall become effective immediately upon its passage and approval PASSED AND APPROVED this the day of ///}�� 2001 ATTEST JENNIFER WALTERS, CITY SECRETARY w1miffilm / God wwr, NA APPROVED AS TO LEGAL FORM HERBERT L PROUTY, CITY ATTORNEY BY C Gt Gr F—A`'t— EULINE BROCK, MAYOR Page 3 of 4 St Nf UmuMWu LnmpMMimbpmnmml Spmmr Bd&135 Bnpkm Rmp dm ATTACHMENT A CIP PROJECT 2001-2002 Spencer Road and I-35Bnnker Road Ramp $3,000,000 Page 4 of 4 I a z W W F V W QxQ�502 W CWq . it O� �O 0 OWLE ui a W z ZN Z N Q 0 W 0 Z W O^ OJN (1` NNr0^ M W � N c N N N Q Q CL 0 e "g V Nyyj O O O Opp O O O OpO ON Ovio O O O O O O O O O O Opp�OO ON( O O O O O O O O O O �C.p�O0 O Q� �� 11')�ONNN lLr) N100MO OOt00 )ON��O V 000N MONMOOM) M V N N a 6n e� mZ a 000�000g�000s000s0000000000000o g ix p c�pcOp op spoO Cp Op(��gc op po oOSocoOCO(o�0o0ocO oo cc ppo � W)V ^10 L'O ONNN�ol�O W N)UMOM�tOD 0NMN)O t0+1-W 0 0 0 0 0 0 0 0 0 O O O 0 0 W O op 0 0 0 0) O OLL7 m 1000 = OO OO )OM d' N MO0) M N <H pQpQQQ WSpoOoapogpopplp�p�OOON5o�000p00 o000 OQQ000000$ o000000000 " 000Noo0a0000 " � c I!')NtO pp OtOON�(OO� �N c aC^ NONNN��IOOmN Nc� •- � V � •c- 7E y! � y0 c E o 04 E E - C f0 07 c N N N m W 9 A W 0)m`N LLO O 01N LLO OOggf UNHC CCmG mma °C )m ay mW aNDCj_NN rW Cpm %YCL Ov07N 0NOO0 O0Oco 0 a) OOT~(N ON J'EU0 T uNc�TG HuauCL c3Q~II�� o�t�mIr�O CL a, a. IL aM J2 mW�IL Q} a a a a a a F 3 9 5 3 9 9 u' N c N N c c N N N r/1 a C N C c W c c N N N N N N N N N Q Q p' O' O' D' > W c c c c c c c c c c c c c c c c c c m -m .m -m w -0 m -m { W W W W W m L°°°°L°L°L°L°L°�°�°`�L°`��mmmmmmmmmovo:a-_ot aui —p mmmmmmF- N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N0N0N0 9999900004og000c�Ooo4000001999. o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0