2006-088S:\Our Documen¢\Ordinanccs\O(i\reimWrsemem ordinance-cremamrium.dac
ORDINANCE NO. Z -O
AN ORDINANCE TO DECLARE THE INTENT TO REIMBURSE EXPENDITURES FROM
THE UNRESERVED FUND BALANCE OF THE GENERAL FUND WITH CERTIFICATES
OF OBLIGATION FOR REPLACEMENT OF THE CREMATORIUM AT THE ANIMAL
SHELTER; DECLARING AN EMERGENCY AND AMENDING THE 2005-2006 CAPITAL
IMPROVEMENT BUDGET; AND PROVIDING AN EFFECTIVE DATE (PROJECT- $90,000
FOR CREMATORNM).
WHEREAS, the City of Denton (the "lssuer") is a municipal corporation/political
subdivision of the State of Texas; and
WHEREAS, the issuer expects to pay expenditures in connection with the replacement of
the crematorium at the Animal Shelter more fully described in Exhibit "A" (the "Project"); 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 lssuer 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 Project; and
WHEREAS, Sec. 8.08 of the Denton City Charter provides that in case of grave public
necessity, emergency expenditures to meet unusual and unforeseen conditions, which could not
by diligent thought and attention have been included in the original budget, maybe authorized by
the affirmative vote of at least five of the members of the Council as an amendment to the
original budget; and
WHEREAS, the City Council finds that there is a grave public necessity and an
unforeseen emergency exists which requires amendment of the 2005-2006 Capital Improvement
budget because it was unforeseeable that there would be a catastrophic failure of the existing
unit, such situation not being known to the City at the time the 2005-2006 budget was adopted,
NOW, THEREFORE,
THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS:
SECTION 1: The findings and recitations in the preamble of this ordinance are
incorporated herein by reference.
SECTION 2: The Issuer reasonably expects to incur debt, as one or more series of
obligations, with an aggregate maximum principal amount equal to $90,000.00 for the purpose of
paying the costs of the Project, as set forth in the attached Exhibit "A" which is made a part of
this ordinance for all purposes.
SECTION 3: All costs to be reimbursed will be for replacement of the crematorium at
the Animal Shelter. 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 (I) 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. All amounts expended from the Unreserved Retained Earnings for
the Project to pay any costs of the Project shall be reimbursed from Certificate of Obligation
proceeds within the 2005-2006 fiscal year.
SECTION 4: 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 5: The 2005-2006 budget of issuer is amended up to $90,000.00 to provide
for adjustments to budgeted appropriations in the General Fund.
SECTION 6: The City Secretary is directed to attach a copy of this ordinance to the
original budget and cause this amendment to be published once in the Denton Record-Chronicle.
SECTION 7: This ordinance shall become effective immediately upon its passage and
approval. ,
PASSED AND APPROVED this the ~ day of , 2006.
~w~ ~~~
EULINE BROCK, MAYOR
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
BY: V V
APPRO D AS LEGAL FORM:
EDWIN M. SNYDER, CITY ATTORNEY
BY:
Page 2
Exhibit A
CIP Project: 2005-2006
Crematorium $90,000