2011-006S:1Legal\Our Documents\Ordinances1101Reimbursement-SW refuse & recycling vehicles & equip. doc
ORDINANCE NO. 2011-006
AN ORDINANCE OF THE CITY OF DENTON, TEXAS TO DECLARE THE INTENT TO
REIMBURSE EXPENDITURES FROM THE UNRESERVED FUND BALANCE OF THE
SOLID WASTE FUND WITH CERTIFICATES OF OBLIGATION WITH AN AGGREGATE
MAXIMUM PRINCIPLE AMOUNT EQUAL TO $2,979,205 TO ALLOW THE SOLID
WASTE DEPARTMENT TO PURCHASE AND ACQUIRE REFUSE AND RECYCLING
VEHICLES AND EQUIPMENT IN ORDER TO CONTINUE PROVIDING SOLID WASTE
REFUSE AND RECYCLING COLLECTION OPERATIONS; 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 refuse and recycling
collection vehicles and equipment with unreserved fund balance of the Solid Waste Fund and
will be reimbursed with Certificates of Obligations sold in Fiscal Year 2010-11; 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 $2,979,205 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
refuse and recycling collection 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 Solid Waste 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
2010-2011 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.
8ALegal\0ur Documents\Ordinances110\Reimbursement-SW refuse & recycling vehicles & equip.doc
SECTION 4. This Ordinance shall become effective immediately upon its passage and
approval.
PASS day of , 2011.
ED AND APPROVED this the d
~
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
BY:
APP VEDA TO LEGAL FORM:
ANITA BURGESS, CITY ATTORNEY
BY:
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