2006-144
S:\Our Documents\Ordinances\06\Reimburscment-Solid Waste Projects.doc
ORDINANCE NO. 20()G- /t/;J
AN ORDINANCE OF THE CITY OF DENTON, TEXAS, TO DECLARE THE INTENT TO
REIMBURSE EXPENDITURES FROM THE SOLID WASTE RATE STABILIZATION
RESERVE FUNDS WITH THE SOLID WASTE CERTIFICATES OF OBLIGATION TO
MAKE CAPITAL EXPENDITURES TO FUND SOLID WASTE CAPITAL PROJECTS
APPROVED IN THE 2005-2006 CAPITAL IMPROVEMENT BUDGET; 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 to make capital expenditures from the
Solid Waste Rate Stabilization Reserve Funds to fund Solid Waste capital projects including,
without limitation, cell construction and the installation of a gas collection system which were
approved in the 2005-2006 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 Project; NOW, THEREFORE,
THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS:
SECTION I. 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.
SECTION 2. The Issuer reasonably expects to incur debt, as one or more series of
obligations, with an aggregate maximum principal amount equal to $1,500,000 for the purpose of
paying the costs of the Projects, as set forth in the attached Attachment "A", which is made a part
ofthis Ordinance for all purposes as if incorporated word for word herein.
SECTION 3. All costs to be reimbu~sed pursuant hereto will be capital improvement
expenditures. 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 were made, is placed in service. 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:\Our Documents\Ordinances\06\Reimbursement-Solid Waste Projects.doc
, ti
PASSED AND APPROVED this the liP .- day of
Vfcur
C~AcL
,2006.
EULINE BROCK, MAYOR
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
APPROVED AS TO LEGAL FORM:
EDWIN M. SNYDER, CITY AT ORNEY
BY:
Page 2 of2
Attachment A
CITY OF DENTON
Solid Waste Department
ASL Refuse Truck
Utility Truck
Compactor
R.W. Beck Cell 3 Engineering
Cell Construction- rental of equipment
Gas Collection System
Flare station and piping
Dumpbody for chassis of Rear Loader
Household Chemical Collection Facility
Recycling Containers
Total Fund Requirements for Solid Waste
$ 77,000
229,000
600,000
150,000
150,000
190,000
25,000
23,000
25,000
25,000
$ 1,494,000
$ 1,500,000