2010-301sAlegahour documents)ordinances110\recoveryzonebonds.doc
ORDINANCE NO. 2010-301
AN ORDINANCE WAIVING THE CITY OF DENTON ALLOCATION OF RECOVERY
ZONE BONDS; DESIGNATING FORT BEND COUNTY AS THE DESIGNEE; AND
DECLARING AN EFFECTIVE DATE.
WHEREAS, pursuant to Section 1401 of the American Recovery and Reinvestment Act
of 2009 (ARRA) and Section 6.04 of Internal revenue Service Notice 2009-50, the City of
Denton has been allocated volume cap authority to issue Recovery Zone Bonds (RZBs); and
WHEREAS, the RZB allocations consist of authority to issue Recovery Zone Economic
Developments Bonds (RZEDBs) and Recovery Zone Facility Bonds (RZFBs); and
WHEREAS, the Governor of the State of Texas has established a voluntary program,
which shall expire on January 1, 2011, for the reallocation by the State of Texas of RAEDB and
RZFB volume cap allocations and has directed the Texas Bond Review Board (BRB) to
administer the program; and
WHEREAS, local governments electing to waive RZB allocations may, at their option,
express a preference that waived allocations be reallocated by the State of Texas to a designated
local government and project use (Designee); and
WHEREAS, the City Council hereby finds that the allocation to the City of Denton is too
small to be of use to the City, and
WHEREAS, the City of Sugarland, Texas has requested the City of Denton to waive its
RZB allocation in favor of Fort Bend County, Texas; and
WHEREAS, the City Council hereby finds that it is in the best interest of the City to
waive its RZB allocation in favor of Fort Bend County, Texas; NOW, THEREFORE,
THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS:
SECTION 1. The City of Denton allocation of Recovery Zone Bonds (RZBs) is hereby
waived.
SECTION 2. Fort Bend County, Texas is hereby designated as the Designee for the City
of Denton's allocation of Recovery Zone Bonds (RZBs).
SECTION 3. This Ordinance shall become effective immediately upon its passage and
approval.
PASSED AND APPROVED this the /(/J' 'day of 1n' 177 MJ'17(&1-1 , 2010.
MARK A. BURROUGW, MAYOR
sAlegal\our documents\ordinances\10\recoveryzonebonds.doc
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
A 11
BY: tU?= "
AP OVED AS TO LEGAL FORM:
ANITA BURGESS, CITY ATTORNEY
BY: