HomeMy WebLinkAboutResolution No. 05-75
Resolution No.(f)s-1S
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 ofthe Issuer for
the payment of such expenditures will be appropriate and consistent with the lawful objectives ofthe
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 $26,000,000 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 ofthis 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 IS; ~. :?zro&'"
A?lL~~~
City Secretary, City of The Colony, Texas
Exhibit "A"
Water and sewer system improvements, including a ground storage tank, pump station, water and
sewer lines, lift station, improvements to the wastewater treatment plant and relocation of water and
sewer lines; acquisition of computer equipment and software, trucks, ambulance and other vehicles;
construction and equipment of a civic center; street improvements and acquisition of street right-of-
way.
CERTIFICATE FOR RESOLUTION
I, the undersigned City Secretary of the City of The Colony, Texas, hereby certifY as follows:
1. The City Council of said City convened in regular meeting on ~ W- I'S"' ,2005, atthe
regular meeting place thereof, and the roll was called of the duly constituted offic s and members of saId CIty
Council, to-wit:
John Dillard, Mayor
Joseph McCourry, Mayor Pro-Tern
Joel Marks, Deputy Mayor Pro-Tern
Scott Ward, Councilmember
, Kirk Mikulec, Councilmember
Perry Schrag, Councilmember
Allen Harris, Councilmember
and all of said persons were present, except for the following: :ro ~h (rf:f ~ thus constituting
a quorum. Whereupon, among other business, the following was nsacted at said eetmg: a wntten
Resolution entitled
RESOLUTION EXPRESSING OFFICIAL INTENT TO REIMBURSE COSTS OF
PROJECTS
was duly introduced for consideration of said City Council. It was then duly moved and seconded that said
Resolution be passed; and, after due discussion, said motion, carrying with it the passage of said Resolution,
prevailed and carried by the following vote:
AYES: k NOES: -d' ABSTENTIONS: -!2f.
2. A true, full and correct copy of the aforesaid Resolution passed at the meeting described in the
above and foregoing paragraph is attached to and follows this Certificate; said Resolution has been duly
recorded in the official minutes of said City Council; the above and foregoing paragraph is a true and correct
excerpt from said minutes of said meeting pertaining to the passage of said Resolution; the persons named in
the above and foregoing paragraph, at the time of said meeting and the passage of said Resolution, were the
duly chosen, qualified and acting officers and members of said City Council as indicated therein; each of said
officers and members was duly and sufficiently notified officially and personally in advance, of the time, place
and purpose of the aforesaid meeting and that said Resolution would be introduced and considered for passage
at said meeting, and each of said officers and members consented in advance to the holding of said meeting for
such purpose; and said meeting was open to the public, and public notice of the time, place and purpose of said
meeting was given, all as required by Tex. Gov't Code Ann., ch. 551.
SIGNED AND SEALED this / s; ~ ;:loo:;7:
(!~AJ~ ~
City Secretary, City of The Colony, Texas