HomeMy WebLinkAbout2019-R-03 - Fire Department Apparatus Funding RESOLUTION NO.2019-R-03
A RESOLUTION REGARDING A FINANCING AGREEMENT FOR THE PURPOSE OF PROCURING AN
APPARATUS AND RELATED EQUIPMENT.
WHEREAS, City of Stephenville desires to enter into a certain Financing Agreement, by and between
Frost Bank and the City of Stephenville, for the purpose of financing an Apparatus and related
equipment. The City of Stephenville desires to designate this Agreement as a "qualified tax exempt
obligation" of the City of Stephenville for the purposes of Section 265 (b) (3) of the Internal Revenue
Code of 1986, as amended. The City of Stephenville desires to designate the City Administrator, as an
authorized signer of the Agreement.
NOW,THEREFORE, BE IT RESOLVED, by the City Council of the City of Stephenville:
Section 1. That the City of Stephenville enters into a Financing Agreement with Frost Bank for the
purpose of procuring an Apparatus and related equipment.
Section 2. That the Financing Agreement, by and between the City of Stephenville and Frost Bank is
designated by the City of Stephenville as a "qualified tax exempt obligation" for the purposes of Section
265 (b) (3)of the Internal Revenue Code of 1986, as amended.
Section 3.That the City of Stephenville designates the City Administrator, as an authorized signer of the
Financing Agreement, by and between the City of Stephenville and Frost Bank.
Section 4.That the City of Stephenville wishes to fund an Acquisition Funding(Escrow)Account
with Frost Bank.
Section 5.That should the need arise, if applicable,the City will use loan proceeds for reimbursement of
expenditures related to the Property, within the meaning of Treasury Regulation § 1.150-2, as
promulgated under the Internal Revenue Code of 1986,as amended
APPROVED and ADOPTED by the City Council of the City of Stephenville held on this 8th day of January,
2019.
PASSED AND APPROVED this the 8th day of January, 2019.
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Doug Svien, 'ayor
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RESOLUTION#2019-R-03 Page 1 of 2
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Staci King, City Secretary
ae",........Allen Barnes,Cittrator
Reviewed
Randy Thomas,City Attorney
Approved as to form and legality
RESOLUTION#2019-R-03 Page 2 of 2