HomeMy WebLinkAbout2016-R-12 - Intent to Reimburse CostRESOLUTION NO.2016-R-12
RESOLUTION EXPRESSING OFFICIAL INTENTTO REIMBURSE COST OF A PROJECT
WHEREAS, the City of Stephenville, Texas (the "Issuer") is a home -rule municipality and political
subdivision of the State of Texas; and
WHEREAS, the Issuer expects to pay, or have paid on its behalf, expenditures in connection with
the project described on Exhibit "A" hereto (the "Project') prior to the issuance of tax-exempt obligations
or other obligations for which a prior expression of intent to finance or refinance is required by federal or
state law (collectively and individually, the 'Obligations") to finance the Project; and
WHEREAS, the Issuer finds, considers and declares that the reimbursement 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 to reimburse itself for such payments at such time as it issues Obligations
to finance the Project;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF STEPHENVILLE,TEXAS:
Section 1. The Issuer reasonably expects to incur debt, as one or more series of Obligations,
with an aggregate principal amount not to exceed $16,500,000 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 this the 13th day of September, 2016.
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Je K eldon II, Mayor
ATTEST:
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Cindy L. $ta)Fford,
Gafry
SedeOtA
Reviewed by Patrick C. i es,
City Administrator
Approved Approved as to form and legality
Randy Thomas, City Attorney
Exhibit "A"
Acquiring, constructing, installing and equipping additions, improvements, extensions and equipment
for the City's Sewer System including construction of the Eastside Sewer Project.
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