2008-154S VOur DocumentsVOrdinancesV08\Keimbw'semenPLibrary Expansion.doc
ORDINANCE NO. MM-
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 $550,000 SO THAT THE LIBRARY
DEPARTMENT CAN BEGIN THE SOUTH BRANCH LIBRARY EXPANSION; 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 South Branch Library
Expansion, which was approved in the 2007-2008 Adopted Budget and the 2007-08 Capital
Improvement budget and are 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 $550,000 for the purpose of
paying the costs of the Project, as set forth in the attached Attachment "A", which is made a part
of this Ordinance for all purposes as if incorporated word for word herein.
SECTION 2. All costs to be reimbursed pursuant hereto will be for the South Branch
Library Expansion 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 properly, 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 Project set forth in Attachment "A" to pay any costs of the Project 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.
SAOur DOCUmcnts\0rdinances\O8\Reimbursemenl-Library Expansfon.doc
PASSED AND APPROVED this the ~ day of '2008.
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
BY: L I/(/~ /GL l~f L/ ~BdL, Cf.
APPROVED AS TO LEGAL FORM:
JOHN M. KNIGHT, INTERIM CITY ATTORNEY
BY:
Page 2 of 2
Attachment A
Renovation Plans for the City of Denton Expansion of the South Branch Library
• Improve parking by enlarging the parking lot from 41 spaces to 88 spaces
• Add approximately 10000 square feet of new space to the existing 10,713 sq. ft. making
the library's total size approximately 20,713 square feet
• Update the existing building to current ADA standards
• Renew carpet and paint in the existing building
• Refurbish existing furniture
• Update technology
S:\FINANCE\2008 Council Agenda Items\South Branch Library Expansion -Attachment A.Doc