HomeMy WebLinkAbout2021-R-25 - Financing Agreement - Public Safety Communication System RESOLUTION NO. 2021-R-25
A RESOLUTION REGARDING A FINANCING AGREEMENT FOR THE PURPOSE OF PROCURING PUBLIC
SAFETY COMMUNICATION SYSTEM AND RELATED EQUIPMENT.
WHEREAS the City of Stephenville desires to enter into a certain Financing Agreement, by and
between Government Capital Corporation and the City of Stephenville,for the purpose of financing Public
Safety Communication System and related equipment; and
WHEREAS 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; and
WHEREAS the City of Stephenville desires to designate the City Manager as an authorized signer
of the Agreement.
NOW THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF STEPHENVILLE:
SECTION 1.
That the City of Stephenville enters into a Financing Agreement with Government Capital Corporation for
the purpose of procuring Public Safety Communication System and related equipment.
SECTION 2.
That the Financing Agreement, by and between the City of Stephenville and Government Capital
Corporation 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 Manager, as an authorized signer of the Financing
Agreement, by and between the City of Stephenville and Government Capital Corporation.
SECTION 4.
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
PASSED AND APPROVED this the 7th day of December, 2021.
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Staci ing,City Secretary
2021-R-25 Radio Financing Page 1 of 2
Reviewed by en L. Barnes,
City Ma9ger
Randy Thomas, City Attorney
Approved as to form and legality
2021-R-25 Radio Financing Page 2 of 2