2012-255S:1FinancelAgenda Item SharedlAgenda Item Shared�2012 Agenda Foldersl0ctober 201210ctober 2- 20121Reimbursement Ordinance - Purchase
af Airport Propertyl2- Reimbursement-Airport land Drft 4.doc
ORDINANCE NO. 2O12-ZSS
AN ORDINANCE OF THE CITY OF DENTON, TEXAS TO DECLARE THE INTENT TO
REIMBURSE EXPENDITURES FROM THE UNRESERVED FUND BALANCE OF THE
AIRPORT FUND WITH CERTIFICATES OF OBLIGATION WITH AN AGGREGATE
MAXIIVIUM PRINCIPAL AMOUNT EQUAL TO $2,000,000 TO ALLOW THE PURCHASE
OF LAND FOR FUTURE DEVELOPMENT OF AIRPORT PROPERTY; 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 the purchase of land for future
development of Airport property, which was approved in the 2012-2013 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 fnance 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 $2,000,000 for the purpose of
future development by purchasing land.
SECTION 2. All costs to be reimbursed pursuant hereto will be for the purchase of land
as authorized by Section 271.045(a)(2) 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 acquired. That all amounts
expended fr.om,..the Unreserved Fund B alance of th.e..AirpoxG. E�tn:d.._%r. t1�e p�.�xch�.s�. a�. l�nd. s�iall
be reimbursed from Certificate of Obligation bond proceeds within the 2012-2013 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.
PASSED AND APPROVED this the ��-� day of ��0 d�L , 2012.
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
BY: .�
APPROVED AS TO LEGAL FORM:
AIVITA BURGESS, CITY ATTORNEY
BY: �