2008-152S-VOur DocumentsVOrdinancesV08\Relmbu6elnent-parks & rec.doc
ORDINANCE NO. ZQQ~-/~~
AN ORDINANCE OF THE CITY OF DENTON, TEXAS, TO DECLARE THE INTENT TO
REIMBURSE EXPENDITURES FROM THE UNRESERVED FUND BALANCE OF THE
GENERAL FUND WITH CERTIFICATES OF OBLIGATION WITH AN AGGREGATE
MAXIMUM PRINCIPAL AMOUNT EQUAL TO $510,000 SO THAT THE PARKS AND
RECREATION DEPARTMENT CAN ACQUIRE LAND FOR A NEW REGIONAL PARK;
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 expenditures related to the acquisition of land for
the City of Denton Parks and Recreation Department, which was approved in the 2007-2008
Adopted Budget and the 2007-08 Capital Improvement budget; 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 $510,000 for the purpose of
paying the costs of the acquisition of land for the new regional park.
SECTION 2. All costs to be reimbursed pursuant hereto will be for the acquisition of
land for the City of Denton Parks and Recreation Department as authorized by Section
271.045(a)(1) of the Texas Local Government Code. 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 are made, is placed in service. That all amounts expended from the
Unreserved Fund Balance of the General Fund for the land acquisition to pay any costs of the
land acquisition shall be reimbursed from Certificate of Obligation bond proceeds within the
2007-2008 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. This Ordinance shall become effective immediately upon its passage and
approval.
S:AOur DocumentsVOrdinanccsV08\Rcinibursement-parks & rcc.doc
PASSED AND APPROVED this the 15& day of '2008.
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
APPROVED AS TO LEGAL FORM:
JOHN M. KNIGHT, INTERIM CITY ATTORNEY
BY:
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