HomeMy WebLinkAboutResolution No. 06-068
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 incur debt, as one or more series of obligations, with an
aggregate maximum principal amount not to exceed $3,000,000 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 O-ug.1 ) ..2:Q~
Exhibit "A"
Street improvements; acquisition and installation of lighting for parks and recreation fields; acquisition of
computer equipment; acquisition of equipment for police, fire and parks and recreation departments;
acquisition of vehicles for police, fire, public works, engineering and planning departments; and construction
and equipment of fire stations.
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 August 7, 2006, at the regular
meeting place thereof, and the roll was called of the duly constituted officers and members of said City
Council, to-wit:
and all of said persons were present, except for the following:
thus constituting a quorum. Whereupon, among other business, the following was transacted at said
meeting: a written Resolution entitled
John Dillard, Mayor
Joseph McCourry, Mayor Pro-Tern
Perry Schrag, Deputy Mayor Pro-Tern
Allen Harris, Councilmember
John S. Marshall, Councilmember
Kirk Mikulec, Councilmember
Joel Marks, Councilmember
--
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:l
NOES: ~
ABSTENTIONS: $
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 th;s GO' l,:J19o!o
C~A~ lJJ<4-r
City ecretary, CIty of The Colony, Texas