2016-395s:\legal\our documents\ordinances\16\reimbLirsement for gen ob bonds. docx
'&RDINANCE NO. 2016-395
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, or have paid on its behalf, expenditures in
connection with the construction of Fire Station 3 project approved as part of the FY 2016-17
Capital Improvement Program Budget prior to the issuance of General Obligation Bonds for which
a prior expression of intent to finance or refinance is required by Federal or state law to finance
the General Government Projects; and
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for the payment of such expenditures will be appropriate ana consistent witn tne lawful •• -
•
of the Issuer and, as such, chooses to declare its intention to reimburse itself for such payments at
such time as it issues the obligations to finance the Projects; NOW, THEREFORE,
SECTION 1. The Issuer reasonably expects to incur debt, as one or more series of tax-
exem�wt obligations, tax -credit obligations and/or
obli ations for which a ! •r x-tression of intent
to finance or refinance is required by Federal or state law (collectively and individually, the "Tax -
Preferred Obligations"), with an aggregate maximum principal amount equal to $5,415,000 for
purpose of paying the costs of the Projects.
SECTION 2. All costs to be reimbursed pursuant hereto will be capital expenditures. No
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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.
SECTION 3. The foregoing notwithstanding, no Tax -Preferred 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 foregoing Sections 2 and 3 notwithstanding, all costs to be reimbursed
with qualified tax credit obligations shall not be paid prior to the date hereof and no tax credit
obligations shall be issued after 18 months of the date the original expenditure is made.
SECTION 5. This Ordinance shall become effective immediately upon its passage and
approval.
s:\Iegal\our documents\ordinances\16\reimbursement for gen ob bonds. docx
PASSED AND APPROVED this the
day of 2016.
cil Ai"f,s,—MT\YOR—
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BY:
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