HomeMy WebLinkAbout1995-R-04 - WATER AND SEWER SYSTEM PROJECTRESOLUTION NO. 1995- 4
A RESOLUTION EXPRESSING OFFICIAL INTENT TO REIMBURSE COSTS OF THE WATER
AND SEWER SYSTEM PROJECT.
WHEN, the City of Stephenville, Texas, (the "Issuer") is a home rule municipality and a
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 project described as follows:
Approximately 10,000 linear feet of water and sewer line relocation for
FM 8 highway widening;
and hereinafter referred to as "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 $625,000 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.
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 20th
day of June, 1995.
Lavinia Lohr Mayor
Reviewed by Donald B. Davis,
City Administrator
7:3
Approved as to form and legality
Randy Thomas, City Attorney