2011-201s:Uegal\our documentslordinances1111reimbursement ordinance-solid waste.doc
ORDINANCE NO. 2011-�
AN ORDINANCE OF THE CITY OF DENTON, TEXAS TO DECLARE THE INTENT TO
REIMBURSE EXPENDITURES FROM THE SOLID WASTE FUND WITH CERTIFICATES
OF OBLIGATION WITH AN AGGREGATE MAXIMUM PRINCIPAL AMOUNT EQUAL
TO $2,261,655 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 and political
subdivision of the State of Texas; and
WHEREAS, the issuer expects to pay expenditures in connection with the acquisition of
refuse and recycling trucks to provide refuse and recycling vehicles and equipment for collection
operations for the Solid Waste Department approved in the 2011-12 Adopted Budget, and which
are more particularly described in Attachment "A"; and
WHEREAS, the Issuer finds, considers, and declares that the reimbursement of the Issuer
far 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 l. The Issuer reasonably expects to incur debt, as one or more series of
obligations, with an aggregate maximum principal amount equal to $2,261,655 for the purpose of
paying the costs of refuse and recycling vehicles and equipment for collection operations, as set
forth in the attached Attachment "A", which is incorporated by reference and made a part of this
Ordinance for all purposes.
SECTION 2. All costs to be reimbursed pursuant hereto will be capital expenditures of
the Solid Waste Department. No t�-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 were made, is placed in service. All amounts expended from the Solid Waste Fund
to purchase and acquire refuse and recycling vehicles and equipment, as set forth in Attachment
"A", shall be reimbursed from the Certificate of Obligation proceeds within the 2011-12 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. The findings set forth in the preamble of this Ordinance are incorporated
by reference into the body of this Ordinance as if fully set forth herein. This Ordinance shall
become effective immediately upon its passage and approval.
s:llegal\our documentslordinances\111reimbursement ordinance-solid waste.doc
PASSED AND APPROVED this the �day of ��G��Q �� , 2011.
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
By:
APPROVED AS TO LEGAL FORM:
ANITA BURGESS, CITY ATTORNEY
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By:
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MARK A. B� U S, �✓IAYOR
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ATTACHMENT A
SaLID WASTE VEHICLES AND EQUIPMENT FY 11-12
DIVISION VEHICLE & EQUIPMENT DESCRIPTION COST
SW/Commercial Front Load Replacement $ 257,275
SW/Commercial Roll-Off Replacement 182,050
SW/Commercial FORD Truck,3/4T 28,200
SW/Residential Auto Side Load Replacement 262,865
SW/Residential Auto Side Load Replacement 262,865
SW/Residential Rear Load Replacement 212,530
SW/Recycling Auto Side Load Replacement 262,865
SW/Recycling Auto Side Load Replacement 262,865
SW/Recycling Auto Side Load Replacement 262,865
SW/Recycling Front Load Replacement 267,275
TOTAL $ 2,261,655