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HomeMy WebLinkAboutResolution No. 09-002 Resolution No. [Yf- tv~ 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 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 1. The Issuer reasonably expects to incur debt, as one or more series of obligations, with an aggregate maximum principal amount not to exceed $18,880,000 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 sth day of Januarv. 2009. r!:Lt Ity -Secretary, C~fT0!m4h;;; [CITY SEAL] ".<......<...;-.. Exhibit "A" Parks and recreational facilities improvements; landscaping of right-of-ways and other public areas; acquisition and installation of fiber optics communication equipment and lines; Police/Court building expansion and remodeling; design and construction of a public services building; and improvements, extensions and additions to the City's waterworks and sewer system. CERTIFICA TE 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 .::!'AN' ~ , 2009, 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 Allen Harris, Mayor Pro-Tern Perry Schrag, Deputy Mayor Pro- Tem John Marshall, Council Member Jeff Connelly, Council Member Kirk Mikulec, Council Member Joel Marks, Council Member 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 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: L 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. STGNEDAND SEALED this ~ fflfr"jdor!t. LJ~~ lCiTY SEAL]