2011-2001\CODAD1DepartmentslLegal\Our pocumentsl0rdinances\111Reimbursement-W W equip bene reuse div.doc
ORDINANCE N��� '-' � (�
AN ORDINANCE OF THE CITY OF DENTON, TEXAS TO DECLARE THE INTENT TO
REIMBURSE EXPENDITURES FROM THE WASTEWATER FUND WITH CERTIFICATES
OF OBLIGATION WITH AN AGGREGATE MAXIMUM PRINCIPAL AMOUNT EQUAL
TO $350,000 TO ALLOW THE WASTEWATER DEPARTMENT TO PURCHASE AND
ACQUIRE A PIECE OF EQUIPMENT FOR THE BENEFICIAL REUSE DIVISION, 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 a piece of equipment
for the beneficial reuse division from of the Wastewater Fund and will be reimbursed with
Certificates of Obligations sold in Fiscal Year 2011-12; 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 purchase of the piece of equipment for the
beneficial reuse division; 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 m�imum principal amount equal to $350,000 for the purpose of a
piece of equipment for the beneficial reuse division, 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 capital expenditures of
the Wastewater Department. 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. All amounts expended from the Wastewater Fund
for the purchase of a piece of equipment fo r the beneficial reuse division, as set forth in
Attachment "A", shall be reimbursed from Certificate of Obligation bond proceeds within the
2011-2012 fiscal yeax.
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.
S:�I,egal\Our pocumentsl0rdinances\11�Reimbursement-WW equip bene reuse div.doc
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PASSED AND APPROVED this the �_ day of .� '� , 2011.
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
BY:
AP VED A TO LEGAL FORM:
ANITA BURGESS, CITY ATTORNEY
�
BY: �' �
�,.
Page 2 of 2
ATTACHMENT A
WASTEWATER EQUIPMENT FY 11-12
DIVISION EQUIPMENT DESCRIPTION COST
Wastewater - Beneficial Refuse VOLVO Loader $ 350,000
TOTAL $ 350,000