19-349I 1
010MOA
AN ORDINANCE OF THE CITY OF DENTON, TEXAS TO DECLARE THE INTENT TO
REIMBURSE CAPITAL EXPENDITURES OF THE GENERAL GOVERNMENT WITH
TAX -PREFERRED OBLIGATIONS (CERTIFICATES OF OBLIGATION) WITH AN
AGGREGATE MAXIMUM PRINCIPAL AMOUNT NOT TO EXCEED $4,600,000; 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, or have paid on its behalf, expenditures in
connection with the ongoing capital expansion of the General Government projects approved as
[•art of the FY 2018-19 Capital Improvement Program Budget and described on Exhibit
Viereto (collectively, the "Projects") prior to the issuance of Certificates of Obligation which are
tax-exempt obligations, tax -credit obligations, and/or obligations for which a prior expression of
intent to finance or refinance is required by Federal or state law (collectively and individually,
the "Tax -Preferred Obligations") to finance the Projects; 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 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-
........... — ----- —_ Preferred Obligations, with an aggregate maximum principal amount equal to $4,600,000 for
purpose of paying the costs of the Projects.
SECTION 2. All costs to be reimbursed pursuant hereto will be capital expenditures. No
Tax -Preferred Obligations will be issued by the Issuer in furtherance of this ordinance after--;
date which is later than 18 months after the later of (i) the date the expenditures are paid or
(ii) 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.
seconded b motion to G�a�o+�lr)�'cliw.re�.ce was the Ordinance was p p and
The mo 1 I
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Y +� ....� s passed aid approved by
tl:e 6611owitig wi ......N
Aye A bslii�, l:
Chris Watts, Mayor: _ _
Gerard Hudspeth, District 1:
Keely G. Briggs, District 2:
Don Duff, District 3:
John Ryan, District 4:
Deb Armintor, At Large Place 5:'"
Paul Meltzer, At Large Place 6: �
PASSED AND APPROVED this the day of mmm , 2019.
.. . ................. .
CHRIS WATTS, MAYOR
ATTEST:
RACHEL WOOD, INTERIM, CITY SECRETARY
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APPROVED AS TO LEGAL FORM:
AARON LEAL, CITY ATTORNEY
BY:°
r
Design and land purchase for police facilities
Study, design and construction of street improvements
Acquisition and installation of technology equipment includi
computer equipment and software I