22-12922- 129ORDINANCE NO
AN ORDINANCE OF THE CITY OF DENTON TO DECLARE THE INTENT TO
REIMBURSE CAPITAL PROGRAM EXPENDITURES OF SOLID WASTE ($4,464,900)WITH TAX-PREFERRED OBLIGATIONS (CERTIFICATES OF OBLIGATION ANDGENERAL OBLIGATION BONDS) WITH AN AGGREGATE MAXIMUM PRINCIPALAMOUNT NOT TO EXCEED $4,464,900; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of Denton (the “Issuer”) is a municipal corporation/politicalsubdivision 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 Solid Waste utility projects approved as part
of the FY 2021-22 Capital Improvement Program Budget and described on Exhibit “A“ hereto
(collectively, the “Projects”) prior to the issuance of Certificates 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 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 atsuch 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 or state law (collectively and individually, the “Tax-
Preferred Obligations”), with an aggregate maximum principal amount equal to $4,464,900 for the
purpose of paying the costs of the Projects as described in Exhibit “A“ attached hereto and
incorporated by reference herein for all purposes.
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 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.
The motion to approve this ordinance was made by Lu\ n,_l+Z,r and
seconded by Jtss' D'„'b . The ordinance was passed and approved
by the following vote n - D ]:
@ LSu Abstain Absent
Gerard Hudspeth, Mayor:
Vicki Byrd, District 1 :
Brian Beck. District 2:
Jesse Davis. District 3 :
Alison Maguire. District 4:
Deb Armintor, At Large Place 5 :
Paul Meltzer, At Large Place 6:
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PASSED AND APPROVED this the 1 st day of March, 2022.
/##GERARD HUDSPETH, MAYOR
\11111111/ATTEST :
ROSA RIOS, CITY SECRETARY
Za y/#32;,
APPROVED AS TO LEGAL FORM:MACK REn(WAND, CITY ATTORNEY
Digitally signed by Macka,£ r„-,JU';„'= i.'=:.'BY:
EXHIBIT "A"
CAPITAL IMPROVEMENT PROJECr LISTING - DETAILED
SERIES 2022 - Reimbursement Ordinance
As of March 1, 2022
DEBT FUNDED PROJECrs
CERTIFICATES OF OBLIGATION PROJECrs
Transfer Station Land
Solid Waste:
GRAND TOTAL
FY 21-22
CIP BudgetTerm
$4,464,900
$4,464,900
$4,464,900