2011-021SALega110ur Documentsl0rdinances11 AReimbursement-various facilities.doc
ORDINANCE NO. 2011-021
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 WITH AN AGGREGATE
MAXIMUM PRINCIPAL AMOUNT EQUAL TO $1,500,000 FOR FUNDING FACILITY
HEATING, VENTILATION, AND AIR CONDITIONING, AND ROOF REPLACEMENTS
FOR MUNICIPAL FACILITIES, 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 maintenance of several City
facilities, as approved in the FY 2010-2011 Capital Improvement Program Budget; 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 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 $1,500,000 for the purpose of
paying the costs for maintenance of several City facilities, as approved in the FY 2010-11
Capital Improvement Program Budget.
SECTION 2. All costs to be reimbursed pursuant hereto will be for the maintenance of
several City facilities 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 General
Fund for the maintenance of several City facilities shall be reimbursed from Certificates 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.
SECTION 4. This Ordinance shall become effective immediately upon its passage and
approval.
SALegal\0ur Documents\0rdinances111U teimbursement-various facilities.doc
PASSED AND APPROVED this the day of , 2011.
MARK X . $UkRO GHS, MAYOR
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
BY: "q oz, - I A)M I -m- ~ u
APP VED'4 TO LEGAL FORM:
ANITA BURGESS, CITY ATTORNEY
BY:
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