19-2852oxDnvalvcE No. 19-2852
AN ORDINANCE OF THE CITY OF DENTON TO DECLARE THE INTENT TO
REIlVIBURSE CAPITAL PROGRAM EXl'ENDITURES OF THE GENERAL GOVERNMENT
($33,455,000) AND FLEET SERVICES ($2,900,000) WITH TAX-PREFERRED
OBLIGATIONS (CERTIFICATES OF OBLIGATION AND GENERAL OBLIGATION
BO�1J�� WITH AN AGGREGATE MA��MUM PRINCIPAL AMOUNT NOT TO EXCEED
$36,355,000; 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 and Fleet Services
projects approved as part of the amended FY 2019-20 Capital Improvement Program Budget and
the 2014 and 2019 Bond Elections described on Exhibit "A" hereto (collectively, the "Projects")
prior to the issuance of C�rt��cates of Obligation and General Obligation Bonds 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,
THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS:
SECTION 1. The Issuer reasonably expects to incur debt, as one or more series of tax-
exempt obligations, tax-credit obligations and/or obligations for which a prior expression of intent
to finance or refinance is required by Federal ar state law (collectively and individually, the "Tax-
Preferred Obligations"), with an aggregate maximum principal amount equal to $36,355,000 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 a 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 have been paid more than 60 days prior to the date
hereof.
SECTION 5. That this Ordinance shall become effective immediately upon its passage
and approval.
The motion to approve this ordinance was made by � � ������__^ and
seconded by �'��lit� /2���✓ . The ordinance was passed and approved
by the following vote [� - �:
Mayor Chris Watts:
Gerard Hudspeth, District 1:
Keely G. Briggs, District 2:
Jesse Davis, District 3:
John Ryan, District 4:
Deb Armintor, At Lazge Place 5:
Paul Meltzer, At Large Place 6:
Aye Nay
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PASSED AND APPROVED this the 14th da.y of January, 2020.
ATTEST:
ROSA RIOS, CITY SECRETARY
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BY: �m ���,,� �.�.�~ ,�,,.�
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APPROVED AS TO LEGAL FORM:
AARON LEAL, CITY ATTORNEY
Abstain Absent
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CHRIS WATTS, MAYOR
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T�rc�j��t list
DEBT FUNDED PROJECTS
CAPITAL IMPROVEMENT PROJECT LISTING - DETAILED
SERIES 2020 - Reimbursement Ordinance
As of Januaty 14, 2020
FY 19-20
CIP Budget
Exhibit A - Project Listing
Reimbursement
Request
GENERALOBLIGATION PROJECTS:
2014 Bond Election Projects
ParksPropertyAcquisitian $1,005,000 $1,005,000
SUBTOTAL - PARK SYSTEM IMPROVEMENTS (PROPOSITION 4) 2014 Bond Election $1,005,000 $1,005,000;
2019 Bond Election Projects
Bonnie Brae Phases V,VI,VII
Hickory Creek
Street Rehab Program
Sidewalks
Street lighting
SUBTOTAL -STREET IMPROVEMENTS (PROPOSITIdN A) 2019 Bond Election
Police Station Renovation
SUB"TOTAL - PUBLIC SAFETY PACILITIES lPROPOSITION B) 2019 Bond Eleetion
TOTAL - 2019 Bond Eledion
TOTAL GOs - GENERAL GOVERNMENT
CERTIFICATES OF OBLIGA710N PROJECTS:
Fleet Facility Expansion
City Hall West Renovation
TOTAL COs
$1,005,000
$4,000,000'
$5,250,000
$1,z�,�
$2,500,000
$2,000,000
$14,950,000
$10,000,000
$10,000,000
$24,950,000
$25,955,000
$2,900,000
$7,500,000
$10,400,000
GRAND TOTAL $1,005,000 $36,355,000