HomeMy WebLinkAboutResolution No. 03-11 Resolution No. O.~ - ] /
RESOLUTION EXPRESSING OFFICIAL INTENT
TO REIMBURSE COSTS OF PROJECTS
WHEREAS, the City of The Colony, Texas (the "Issuer") is a home-rule municipality and
political subdivision of the State of Texas;
WHEREAS, the Issuer expects to pay expenditures in connection with the design, planning,
acquisition and construction of the projects described on Exhibit "A" hereto (the "Projects") prior to the
issuance of obligations to finance the Projects; 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 of the
Treasury Regulations, to reimburse itself for such payments at such time as it issues obligations to finance
the Projects.
THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF THE
COLONY, TEXAS THAT:
Section 1. The Issuer reasonably expects to pay expenditures of not more than $1,000,000 in
connection with the design, planning, acquisition and construction of the Projects prior to the issuance of
obligations to finance the Projects and to incur debt, as one or more series of obligations, with a currently
estimated aggregate maximum principal amount not to exceed $11,000,000 for the purpose of paying the
costs of the Projects.
Section 2. All costs to be reimbursed pursuant hereto will be capital expenditures. 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 were made, is placed in service.
Section 3. The foregoing notwithstanding, no tax-exempt obligation will be issued pursuant to
this Resolution more than three years after the date any expenditure which is to be reimbursed is paid.
PASSED, APPROVED and EFFECTIVE this/~/]~/,.~ ~/90~B.
ATTEST: Mayor, City of The s '
City Secretary, City of The Colony, Texas [CITY SEAL]
Exhibit "A"
Construction of street improvements; renovation of police station; constructing and equipping
improvements to the City's water and sewer system; constructing and renovating City buildings; and
acquisition of computer equipment and vehicles and equipment for the police, public works and parks and
recreation departments.