2002-073-RES OFFICIAL INTENT TO REIMBURSE COSTS OF CITY ACQUISITION/IMPROVEMENTS FOR UARCO BUILDING

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RESOLUTION NO. 2002-073 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, PARIS, TEXAS, EXPRESSING OFFICIAL INTENT TO REIMBURSE COSTS OF CITY ACQUISITION AND IMPROVEMENTS FOR THE DARCO BUILDING WmCH WILL BE CONVERTED TO A LAW ENFORCEMENT CENTER FOR POLICE, COURTS AND JAIL; MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City of Paris (the "Issuer") is a municipality of the State of Texas; and, WHEREAS, the Issuer expects to pay expenditures in connection with the purpose of paying all or a portion of the City's contractual obligations for the purpose of acquiring an 83,000 sq. ft. building situated on 23 acres being referred to as the UARCO Building, which will be converted to a law enforcement center for police, court, and jail facilities (the "Project"); and, WHEREAS, the Issuer fmds, considers, and declares that the reimbursement of the Issuer 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, in accordance with the provisions of Section 1.150-2 of the Treasury Regulations, to reimburse itself for such payments at such time as it issues obligations to fmance the Project; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, PARIS, TEXAS: Section 1. That the findings set out in the preamble to this resolution are hereby in all things approved. Section 2. That the Issuer reasonably expects to incur debt, as one or more series of obligations, with an aggregate maximum principal amount not to exceed $6,000,000.00 to pay for the Project. Section 3. That 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 Resolution 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 4. That the foregoing notwithstanding, no tax-exempt obligation will be issued pursuant to this Resolution more than three years after the date any expenditure which is to be reimbursed is paid. Section 5. That this resolution shall be effective from and after its date of passage.