2002-073-RES OFFICIAL INTENT TO REIMBURSE COSTS OF CITY ACQUISITION/IMPROVEMENTS FOR UARCO BUILDING
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.
PASSED AND APPROVED this 13th day of May, 2002.
ATTEST:
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Mattie Cunningham, City Clerk
APPROVED AS TO FORM: