2010-020
ORDINANCE NO. .2-0,10-020
AN ORDINANCE OF THE CITY OF DENTON, TEXAS TO DECLARE THE INTENT TO
REIMBURSE EXPENDITURES FROM THE SOLID WASTE RESERVE FUND WITH
CERTIFICATES OF OBLIGATION WITH AN AGGREGATE MAXIMUM PRINCIPAL
AMOUNT EQUAL TO $15412,000 TO ALLOW THE SOLID WASTE DEPARTMENT TO
PURCHASE AND ACQUIRE REFUSE AND RECYCLING TRUCKS IN ORDER TO
CONTINUE PROVIDING SOLID WASTE REFUSE AND RECYCLING COLLECTION
OPERATIONS; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of Denton (the "Issuer") is a municipal corporation and political
subdivision of the State of Texas; and
WHEREAS, the issuer expects to pay expenditures in connection with the acquisition of
refuse and recycling trucks to provide refuse and recycling materials collections (hereafter the
"Trucks") for the Solid Waste Department approved in the 2009-10 Adopted Budget, and which
are more particularly described in Attachment "A"; 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 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
obligations, with an aggregate maximum principal amount equal to $1,412,000 for the purpose of
paying the costs of the Trucks, as set forth in the attached Attachment "A", which is incorporated
by reference and made a part of this Ordinance for all purposes.
SECTION 2. All costs to be reimbursed pursuant hereto will be capital expenditures of
the Solid Waste Department. 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 were made, is placed in service. All amounts expended from the Solid Waste
Reserve Fund for the Trucks set forth in Attachment "A" to pay costs of the Trucks, shall be
reimbursed from the Certificate of Obligation proceeds within the 2009-10 fiscal year.
SECTION 3. 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. The findings set forth in the preamble of this Ordinance are incorporated
by reference into the body of this Ordinance as if fully -set forth herein. This Ordinance shall
become effective immediately upon its passage and approval.
PASSED AND APPROVED this the day of , 2010.
r .
M A. kHbtdUG S, MAYOR
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
A
By:
APPROVED AS TO LEGAL FORM:
ANITA BURGESS, CITY ATTORNEY
l -
By: /2 A
U
Page 2 of 2
Solid Waste Capital Asset Acquisition Summary Attachment A
FY 2010
Project Number Project Type Description Project Costs
1 Commercial Knucklebottom Truck $ 97,000
2 Residential Automated Side Loader 258,000
3 Residential Rear Load 230,000
4 Commercial Front Load 258,000
5 Commercial Roll Off with Hoist 170,000
6 Recycling Appliance Truck 70,000
7 Landfill Slope Mower 120,000
8 Landfill Bus 80,000
9 Landfill Turf Mower 25,000
10 • Commercial Fork Lift 80,000
11 Landfill All Terrain Off-Road 24,000
Total $1,412,000