2013-338SALegal \Our Documents\ Ordinances \13 \Reimbursement - Airport Hanger Development (2).doc
ORDINANCE NO, 2013 -338
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 Engineering and Construction
Services for Phase I of the Taxilane Quebec Hanger Development Project (the "Project "), which
was approved in the amended 2013 -2014 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 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 not to exceed $1,750,000 for Phase I
of the Taxilane Quebec Hanger Development Project.
SECTION 2. All costs to be reimbursed pursuant hereto will be for the Engineering and
Construction Services for Phase I of the Taxilane Quebec Hanger Development Project as
authorized by Section 271.045(a)(2) of the Texas Local Government Code or other capital
expenditures. 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 from the Unreserved Fund Balance of the Airport
Fund for Phase I of the Taxilane Quebec Hanger Development Project shall be reimbursed from
Certificate of Obligation proceeds within the 2013 -2014 fiscal year.
SECTIONmmm3. 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: \Legal \Our Documents \Ordinances \13 \Reimbursement - Airport Hanger Development,doc
PASSED AND APPROVED this the Tell day of . � . 200
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MAID A. Bt Ji�ROt1t::
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NHS, MAYOR
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
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BY.
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t'ft � "1: I T"0 LEGAL FORM:
ANITA BURGESS, CITY ATTORNEY
BY:
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