HomeMy WebLinkAboutResolution No. 08-035
CITY OF THE COLONY, TEXAS
RESOLUTION NO. OS-vas-
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 $500,000 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 17th day of
AT'hESf).
U~~ W.dotl-,-)
City Secretary, City of The Colony, Texas
Exhibit "A"
Expansion and remodeling of the police and courts building, including construction manager fees and
expenses.
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 March 17, 2008, at the regular
meeting place thereof, and the roll was called of the duly constituted officers and members of said City
Council, to-wit:
John Dillard, Mayor
Perry Schrag, Mayor Pro- Tem
Allen Harris, Deputy Mayor Pro- Tem
John Marshall, Council Member
Joseph McCourry, Council Member
Kirk Mikulec, Council Member
Joel Marks, Council Member
and all of said persons were present, except for the following: 411 ptJ !tf2 -e., ~ ~(
thus constituting a quorum. Whereupon, among other business, the following was trmfsacted at said
a written 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: S-
NOES:X
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 this