HomeMy WebLinkAboutResolution No. 00-47 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 $5,000,000 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
ATTEST: Mayor, City of The~
City Secretary, City of The Colony, Texas
C:LMyFiles\clients\colony\general\docs\reimb-resol. 10-16.wpd
Exhibit "A"
Construction and equipment of renovations, improvements and additions to the old library building;
construction of street improvements; construction and equipment of renovations, including roof replacement,
to fire station no. 2; and roof replacement, including related incidental repairs, of City-owned buildings.
C:LMyFiles\clients\colony\general\docs\reimb-resol. 1 O- 16. wpd