HomeMy WebLinkAboutResolution No. 04-14 Resolution No. 0~[ ~
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 incur debt, as one or more series of
obligations, with an aggregate maximum principal amount not to exceed $1,000,000 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 ~ Z),D~ -'g~C?~
ATTEST: ~yor, Cit~ of The Colony, Texas
~i-y'Secreta~y, City of The Colony, Texas [CITY SEAL]
Exhibit "A"
Water and sewer system improvements consisting of an irrigation well, improvements at the
wastewater treatment plant and water and sewer lines.