HomeMy WebLinkAboutResolution No. 2011-084RESOLUTION NO. 2011-084
A RESOLUTION DECLARING EXPECTATION TO REIMBURSE
EXPENDITURES WITH PROCEEDS OF FUTURE DEBT
STATE OF TEXAS §
COUNTY OF DENTON §
§
CITY OF THE COLONY §
WHEREAS, the City of The Colony, Texas, (the "City") has created two economic
development corporations under the Development Corporation Act of 1979 and a local
government corporation under Subehapter D of Chapter 431 of the Texas Transportation Code
for the purpose of financing new and expanded business enterprises and promoting economic
development activities in and around the City,
WHEREAS, the City and the economic development corporations and local government
corporation established on behalf of the City (collectively, the "Issuer") intend to issue debt for
public works, public improvements, parking facilities, commercial and retail projects (including
but not limited to warehouses, distribution centers, hotels, entertainment complexes, restaurants,
furniture stores, and sporting goods stores), and programs for the public purpose of economic
development (collectively, the "Project") and further intend to make certain capital expenditures
with respect to the Project and currently desire and expect to reimburse the capital expenditures
with proceeds of such debt;
WHEREAS, under Treas. Reg. § 1.150-2 (the "Regulation"), to fund such reimbursement
with proceeds of tax-exempt obligations, the Issuer must declare its expectation to make such
reimbursement; and
WHEREAS, the Issuer desires to preserve its ability to reimburse the capital expenditures
with proceeds of tax-exempt obligations.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF THE COLONY, TEXAS THAT the Issuer reasonably expects to reimburse capital
expenditures with respect to the Project with proceeds of debt hereafter to be incurred by the
Issuer, and that this resolution shall constitute a declaration of official intent under the
Regulation. The maximum principal amount of obligations expected to be issued for the Project
is $1,100,000,000.
95296114.411108583
PASSED A APPROVED BY T CITY COUNCIL OF E CITY OF THE
COLONY, TEXAS, THIS THE 15TH DAY OF NOVEMBER, 2011.
ATTEST:
Christie Wilson, City Secretary
APPROVED AS TO FORM:
o
Jeff 8~'~c;+or' City Attorney
95296114.4"11108583
City Manager's Fiscal Impact Statement
Resolution for Reimbursement of Expenditures with Proceeds of Future Debt
November 15, 2011
Any costs associated with this measure for the first three years and thereafter will be offset by the
future tax revenue generated by the development.
Tr Powell
City Manager
1775,010\24194.1