HomeMy WebLinkAbout2020-R-09 - Dedication of TIRZ Revenue RESOLUTION NO. 2020-R-09
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF STEPHENVILLE DEDICATING THE REVENUE FOR
TAX INCREMENT REINVESTMENT ZONES NO. 1, 1A,AND 1B TO THE REPAYMENT OF CERTIFICATES OF
OBLIGATION
WHEREAS, as authorized by Chapter 311 of the Texas Tax Code (the "Act") and pursuant to
Ordinance No. 2019-0-14, adopted by the City Council of the City of Stephenville, Texas (the "City") on
April, 2019, the City created Tax Increment Reinvestment Zone Number One, City of Stephenville,Texas,
(the "Zone 1"); and
WHEREAS,on July 23,2019,the City Council of the City of Stephenville,Texas, pursuant to Chapter
311 of the Texas Tax Code, approved Ordinance No. 2019-0-20 expanding the boundaries of
Reinvestment Zone Number One, City of Stephenville,Texas (the "Zone 1A"); and
WHEREAS, on February 4, 2020, the City Council of the City of Stephenville, Texas, pursuant to
Chapter 311 of the Texas Tax Code, approved Ordinance No. 2020-0-05 amending Reinvestment Zone
Number One, City of Stephenville,Texas(the "Zone 1B") to further expand the boundaries; and
WHEREAS, Zones 1, Zone 1A, and Zone 1B are collectively referred to herein as the "Zone;"
WHEREAS, pursuant to Ordinance No. 2019-0-14 the City created the Board of Directors for the
Zone; and
WHEREAS, the project and financing plan details the infrastructure costs eligible for
reimbursement by the Zone; and
WHEREAS, on March 3, 2020, the Board of Directors for the Zone adopted Resolution 2020-01
dedicating revenue from the Zone towards the repayment of Certificates of Obligation issued the City;
WHEREAS, the City agrees that the costs paid for by the Certificates of Obligation are eligible
reimbursement costs by the Zone and dedication of all Zone revenue towards the reimbursement of those
costs incurred by the City is consistent with Chapter 311 of the Texas Tax Code; and
WHEREAS, the City finds that the dedication of revenue from the Zone will further the purposes
of the Zone and facilitate implementation of the project and financing plan; and
NOW,THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF STEPHENVILLE,TEXAS:
SECTION I.
That the City shall have priority of payment from the Zone and that all revenue collected by the Zone shall
be dedicated towards reimbursement of costs is hereby approved.
SECTION II.
THAT this resolution shall take effect from and after its final date of passage, and it is accordingly so
ordered.
PASSED AND APPROVED on this the 3rd day of March, 2020.
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ATTEST: = -� r
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Staci L. i , City Secretary A,,,,PORN� , 00'
Reviewed by All L. Barnes,
City Manager
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Randy Thomas, City Attorney
Approved as to form and legality