2007-049
S:IOur DocumenlslOrdinancesl07\Reimbursemenl fire trucks,doc
ORDINANCE NO. 2..tJtJ1-0t/q
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 FOR THE ACQUISITION OF
THREE 500-GALLON PUMPER TRUCKS FOR THE CITY OF DENTON FIRE
DEPARTMENT; AND AMENDING THE 2006-07 CAPITAL IMPROVEMENT BUDGET
TO ALLOW FUNDING FOR SAID PROJECT; AND PROVIDING AN EFFECTIVE DATE.
(RELATED COSTS $1,750,000)
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 in connection with the acquisition of
three 500-gallon Pumper Trucks 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 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; and
WHEREAS, Sec. 8.08 of the Denton City Charter provides that the budget may be
amended for municipal purposes by the affirmative vote of at least five (5) members of the
Council, in accordance with applicable law; NOW, THEREFORE,
THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS:
SECTION I: 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 $1,750,000 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 the acquisition of three 500-gallon
Pumper Trucks. 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. 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 2006-2007 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 2006-2007 budget of issuer is amended up to $1,750,000 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 2/ft/r. day of
,2007.
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
BY: OtVIf {Jill IUcUftL/ ani;.
v
BY:
Page 2
Exhibit A
Three (3) Fire Engines
$1,750,000