2010-045Ilcadadldepart~i~entslleg~llaur doc~nnentslardinancesll0l~xed asset rei~~~~ursement ord.dae
ORDINANCE NO. ZO .OwO~~
AN ORDINANCE OF THE CITY OF DENTON, TEXAS TG DECLARE THE INTENT TC
REIMBURSE EXPENDITURES FROM THE GENERAL FUND WITH CERTIFICATES OF
OBLIGATION WITH AN AGGREGATE MAXIMUM PRINCIPAL AMOUNT EQUAL TD
$545,185 TO ALLOW FOR THE IMPLEMENTATION OF A FIXED ASSET MODULE IN
THE JD EDWARDS FINANCIAL SYSTEM AND THE PURCHASE OF A MUNICIPAL
COURT SOFTWARE SYSTEM; AND PROVIDING AN EFFECTIVE DATE,
WHEREAS, the City of Denton the `~ssue~~ is a municipal corporation and political
subdivision of the State of Texas; and
WHEREAS, the issuer expects to pay expenditures in connection with the upgrade of the
JD Edwards module for tracl~ing fixed assets and depreciation cost expenses across the
organization, and to purchase a more superior court software program in terms of data
management and report writing capabilities for Municipal Court the `Project~~ prior to the
issuance aftcx-exempt 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, in accordance witl~ the
provisions of Section 1.1542 Treasury Regulations, to reimburse itself for such payments at
such time as it issues the tax-exempt 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 $508,1 SS to allow for the
implementation of a fixed asset system and the purchase of a municipal court software system,
SECTION 2. All costs to be reimbursed pursuant hereto will be capital expenditures and
will come from the issuance of tax~exempt certificates of obligation. The funding required for
the fixed asset s stem is $254,440 and the municipal court software system is $255,185, far a Y
total issuance of $508,155. No taxwexempt 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, The foregoing not withstanding, no tax~exempt
obli anon will be issued pursuant to this ordinance more than three years after tlae date any g
expenditure which is to be reimbursed is paid.
SECTION 3, The request for reimbursement is due to the timing of these projects, which
are scheduled to p~•oceed prior to tl~e bond sale for this fiscal year. The bond sale for these COs
will occur in late spring and by approving this request will allow the projects to be executed as
planned without delay,
Ilcodadldepat-~mentsllegallaur documentsla~•dinancesll0lfixed asset reimbursement ard,doe
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 he~•ein, This Ordinance shall
become effective immediately upon its passage and a proval,
PASSED AND APPROVED this the day of , 2010,
e
MARK . ~ UGH MAYOR y
ATTEST:
JENNIFER SALTERS, CITY SECRETARY
By:
APPROVED AS TO LEGAL FORM;
ANITA BURGES S, CITY ATTORNEY
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