HomeMy WebLinkAbout2016-R-21 - Finance Shredder and Trommel ScreenRESOLUTION NO. 2016-R-21
A RESOLUTION REGARDING A CONTRACT FOR THE PURPOSE OF FINANCING A "SHREDDER AND TROMMEL
SCREEN"
WHEREAS, City of Stephenville (the "Issuer") desires to enter into that certain Finance Contract No.7600,
by and between the Issuer and Texas Bank ("Texas Bank") for the purpose of financing a "Shredder and
Trommel Screen". The Issuer desires to designate this Finance Contract as a "qualified tax exempt
obligation" of the Issuer for the purposes of Section 265 (b) (3) of the Internal Revenue Code of 1986, as
amended.
NOW THEREFORE, BE IT RESOLVED BY CITY OF STEPHENVILLE:
Section 1. That the Issuer will enter into a Finance Contract with Texas Bank for the purpose of
financing a "Shredder and Trommel Screen".
Section 2. That the Finance Contract dated as of December 15, 2016, by and between the City
of Stephenville and Texas Bank is designated by the Issuer as a "qualified tax exempt obligation" for the
purposes of Section 265 (b) (3) of the Internal Revenue Code of 1986, asamended.
Section 3. That the Issuer will designate Walter G. Wood, Director of Finance, as an authorized
signer of the Finance Contract dated as of December 15, 2016, by and between the City of Stephenville
and Texas Bank.
PASSED AND APPROVED by the City Council of the City of Stephenville in a meeting held on the 61" day of
December, 2016.
Jer K. a don II, Mayor
ATTEST:
Cindy L. fiord, City
SSec
Reviewe y Wayne IvlcKethan,
Interim City Administrator
Approved as to form and legality by
Randy Thomas, City Attorney