HomeMy WebLinkAbout1992-R - REIMBURSE COST OF WASTE WATER TREATMENT PLANTRESOLUTION EXPRESSING
OFFICIAL INTENT TO REIMBURSE
COSTS OF THE WASTEWATER TREATMENT PLANT
EXPANSION AND RENOVATION PROJECT
WHEREAS, the City of Stephenville ("the Issuer") is a
municipal body of the State of Texas acting pursuant to the
provisions of the Constitution and laws of the State of Texas and
is authorized to issue obligations pursuant to Article 1111, Et.
A Seg. V.A.T.C.S. (the "Act");
WHEREAS, the Issuer expects to pay capital expenditures in
connection with the design, planning, acquisition, and construction
of the Wastewater Treatment Plant Expansion and Resolution (the
"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 capital
expenditures will be appropriate and consistent with the objectives
of the Act and, as such, chooses to declare its intention, in
accordance with the provisions of Section 1.103-18 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 $8,000,000 for the purpose of paying the
costs of the Project. A portion of the proceeds received by the
Issuer in an amount estimated not to exceed $1,000,000, are
reasonably expected to be used to reimburse the Water Fund from
which such capital expenditures are expected to be made for the
Project.
Section 2: The City of Stephenville intends that this
Resolution satisfy the official intent requirement set forth in
Section 1.103-18 of the Treasury Regulations. The Issuer has no
funds or sources of funds, other than the proceeds of the debt to
be incurred, which the City of Stephenville has, or reasonably
expects to be, reserved, allocated on a long-term basis, or
otherwise set aside in the Issuer's budget or other financial
policies with respect to the expenditures to be reimbursed.
Section 3: All costs to be reimbursed pursuant hereto will be
capital expenditures within the meaning of Section 1.103-18 (c) (2)
(iii) of the Treasury Regulations. None of the expenditures to be
reimbursed pursuant to this Resolution have been allocated to
expenditures entered on the books and records of the Issuer earlier
than the date on which such expenditures are paid. Moreover, no
debt obligations will be issued by the Issuer in furtherance of
this Resolution after a date which is later than one year 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
f , made, is placed in service.
W
Section 4: The City of Stephenville directs that this
Resolution be maintained as a public record available for
inspection by all persons in accordance with the provisions of
Article 6252-17a, V.A.T.C.S. and that no later than thirty (30)
days after this date, this Resolution will be made available for
inspection by all members of the general public at the offices of
the Issuer.
PASSED AND APPROVED this 11th day of August, 1992.
A
LA�e_—
Xyc6 rhmberton, City Secretary
Reviewed by Donald B. Davis
City Administrator
Randy Tho ity Attorney
Approved as to form and legality
Lavinia Lohrmann, Mayor