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2009-114-RES-Expressing official intent to reimburse costs of project for South Collegiate Drive
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2009-114-RES-Expressing official intent to reimburse costs of project for South Collegiate Drive
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Last modified
8/21/2012 12:43:03 PM
Creation date
10/21/2009 10:25:55 AM
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CITY CLERK
Doc Name
2009-114
Doc Type
Resolution
CITY CLERK - Date
10/12/2009
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RESOLUTION NO. 2009-114 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS; <br />EXPRESSING OFFICIAL INTENT TO REIMBURSE COSTS OF PROJECT FOR <br />SOUTH COLLEGIATE DRIVE ROAD IMPROVEMENTS FROM <br />CERTIFICATES OF OBLIGATION TO BE ISSUED BY THE CITY AND OTHER <br />MATTERS RELATED THERETO, MAKING OTHER FINDINGS AND <br />PROVISIONS RELATED TO THE SUBJECT; AND DECLARING AN <br />EFFECTIVE DATE. <br />WHEREAS, the City of Paris, Texas (the "Issuer") is a municipality of the State of <br />Texas; and, <br />WHEREAS, the Issuer expects to pay expenditures for the construction, <br />expansion and widening of S. Collegiate Drive (the "Project") prior to the issuance of the <br />Issuer's Certificates of Obligation; and, <br />WHEREAS, the Issuer finds, considers and declares that the reimbursement of <br />the Issuer for the payment of such expenditures will be appropriate and consistent with the <br />lawful objectives of the Issuer and, as such, chooses to declare its intention, in accordance <br />with the provisions of Section 1.150-2 of the Treasury Regulations, to reimburse itself for <br />such payments at such time as it issues obligations to finance the Project. <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE <br />CITY OF PARIS, TEXAS: <br />Section 1. The Issuer reasonably expects to incur debt, as one or more series of <br />certificates of obligation, with an aggregate maximum principal amount not to exceed <br />$2,650,000.00 for the purpose of paying the costs of the Project. <br />Section 2. All cost to be reimbursed pursuant hereto will be capital <br />expenditures. No tax-exempt obligations will be issued by the Issuer in furtherance of <br />this Resolution after a date which is later than 18 months after the later of (1) the date the <br />expenditures are paid or (2) the date on which the property, with respect to which such <br />expenditures were made, is placed in service. <br />Section 3. The foregoing notwithstanding, no tax-exempt obligation will be <br />issued pursuant to this Resolution more than three years after the date any expenditure <br />which is to be reimbursed is paid. <br />Section 4. That this resolution shall be effective from and after its date of <br />passage. <br />
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