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HomeMy WebLinkAboutResolution No. 07-055 Resolution No. () '1- 0;;5" 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 cOlmection with the design, plamling, 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 fmds, 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 itselffor 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 I. The Issuer reasonably expects to incur debt, as one or more series of obligations, with an aggregate maximum principal amount not to exceed $538)30 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. Section 4. This Resolution shall become effective immediately upon adoption. Exhibit "A" Acquisition of police CAD software and hardware. CERTIFICATE FOR RESOLUTION THE STATE OF TEXAS COUNTY OF DENTON CITY OF THE COLONY We, the undersigned officers of said City, hereby certify as follows: I. The City Council of said City convened in Regular Meeting on June 18,2007, at the City Hall, and the roll was called of the duly constituted officers and members of said City Council, to-wit: John Dillard, Mayor Allen Harris, Deputy Mayor Pro Tem Perry Schrag, Mayor Pro Tem John S. Marshall, Councilmember Joseph McCourry, Councilmember Kirk Mikulec, Councilmember Joel Marks, Councilmember and all of said persons were present, thus constituting a quorum. Whereupon, among other business, the following was transacted at said Meeting: a written RESOLUTION EXPRESSING OFFICIAL INTENT TO REIMBURSE COSTS OF PROJECTS was duly introduced for the consideration of said City Council and read in full. 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: 1 ~ - NOES: 2. That 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; that said Resolution has been duly recorded in said City Council's minutes of said Meeting; that the above and foregoing paragraph is a true, full and correct excerpt from said City Council's minutes of said Meeting pertaining to the passage of said Resolution; that the persons named in the above and foregoing paragraph are the duly chosen, qualified and acting officers and members of said City Council as indicated therein; that each of the officers and members of said City Council 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 that 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 Chapter 551, Texas Govermnent Code. 3. That the Mayor of said City has approved and hereby approves the aforesaid Resolution; that the Mayor and the City Secretary of said City have duly signed said Resolution; and that the Mayor and the City Secretary of said City hereby declare that their signing of this Certificate shall constitute the signing of the attached and following copy of said Resolution for all purposes. PASSED, APPROVED AND EFFECTIVE June 18,2007. ATTEST: ~jAA~t~(~ Ity Secretary [CITY SEAL] 2