2007-274S:\Our Documents\Ordinances\07\Reimbursemcnt-vehicles.doc
ORDINANCE NO. O(/ / ~I
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 $2,300,000 SO THAT GENERAL FUND
VEHICLES AND EQUIPMENT MAY BE PURCHASED; 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 for purchase of vehicles and
equipment being fleet additions and replacements, which were approved in the 2007-2008
Adopted Budget and the 2007-08 Capital Improvement budget and are described in Attachment
"A"; and
I
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 iexpects to incur debt, as one or more series of
obligations, with an aggregate maximum principal amount equal to $2,300,000 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 purchase of fleet
vehicles and equipment 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 resolution
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 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.
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SECTION 4. This Ordinance shall become effective immediately upon its passage and
approval.
S:\Our DOCllments\Ordinances\07\Rcimbursement-vehicles.doc
PASSED AND APPROVED this the 0- day of ,l6& 1&4W , 2007.
- c~
PERRY . MCNEILL, MAYOR
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
BY:
APPROVED AS TO LEGAL FORM:
EDWIN M. SNYDER, CITY ATTORNEY
BY:
Page 2 of 2
Attachment A
Vehicles & Equipment
Police vehicles & equipment - 22
Fire vehicles & equipment - I 1
Street equipment - 4
Building Inspections vehicles - 3
Facility Management vehicles - 2
Planning vehicle - I
Code Enforcement vehicles - 2
Parks & Recreation vehicles & equipment - 9
Certificates of Obligation $ 2,300,000