HomeMy WebLinkAbout1996-R-01 - Reimburse Costs of Various City Improvement ProjectsRESOLUTION NO, 1996-1
RESOLUTION EXPRESSING OFFICIAL INTENT TO REE%IBURSE COSTS OF VARIOUS
CITY IMPROVEMENT PROJECTS,
STATE OF TEXAS §
COUNTY OF ERATH §
CITY OF STEPHENVII..LE §
WHEREAS, the City of Stephenville, Texas (the "Issuer") is a home rule municipality and
a political subdivision of the State of Texas;
WHEREASthe Issuer effects to pay expenditures in connection with the design, planning,
acquisition, and construction of certain public improvements for the City consisting of (i) the
acquisition of fire department equipment, including a pumper truck, an aerial truck, and a booster
truck, (ii) the acquisition and renovation of a building located at the corner of Washington and
Columbia Streets in the City for use as a new city hall and the acquisition of an adjacent parking lot,
(iii) the construction and equipment of a new maintenance service facility in the City, (iv) the
renovation of the existing city hall for use as a public safety building, and (v) to pay legal, fiscal, and
engineering fees in connection with this project (the "Project") prior to the issuance of obligations
to finance the Project;
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 Project;
THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE ISSUER
THAT:
Section 1. The Issuer reasonably expects to incur debt, as one or more series of obligations,
with an aggregate maximum principal amount equal to $2,000,000 for the purpose of paying the costs
of the Project.
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 Statement 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.
Resolution 1996-1
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Section 3. The foregoing notwithstanding, no tax-exempt obligation will be issued pursuant
to this Statement more than three years after the date any expenditure which is to be reimbursed is
paid.
PASSED AND APPROVED by the City Council of the City of Stephenville, Texas, this the
5th day of March, 1996.
Lavinia Lohrmann, Mayor
ATTEST:
t
Cindy L taffor , Ci cretary
r
Reviewed by Donald B . Davis,
City Administrator
Approved as to form and legality
Randy Thomas, City Attorney
Resolution 1996-1
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