18-Deliberate and act on a resolution authorizing reimbursement for the South Collegiate Drive ProjectCITY COUNCIL AGENDA ITEM BRIEFING SHEET
Submittal Date:
Originating Department:
Presented By:
Agenda Item No.:
10/06/2009
Council Date:
Finance
Gene Anderson
18.
10/12/2009
RECOMMENDED MOTION:
Move to approve a resolution for reimbursement of road improvement project expenses from certificates
of obligation to be issued at a later date.
POLICY ISSUE(S):
Fiscal management
The City Council has given its approval to proceed with the construction, expansion, and widening of
South Collegiate Drive. The project is to be funded with certificates of obligation to be issued at a later
date. It is necessary, however, for some project expenditures to be made prior to the issuance of the
certificates of obligation. This resolution is necessary in order for the City to legally reimburse itself
from the certificates of obligation for project related expenses made prior to the issuance of the
certificates of obligation.
BOARD/COMMISSION RECOMMENDATION:
None
EXHIBITS:
Resolution
ACTION:
BUDGET INFO:
❑ Financial Report ❑ Minute Order
Expense
$NA
❑ Department Report Z Resolution
Budgeted Amt.
$NA
❑ Presentation ❑ Ordinance
Y7'D Actual
$NA
❑ Public Hearing ❑ Other
Acct. Name
NA
Acct. Number
NA
FISCAL NOTES:
None
REVIEWED AND APPROVED BY:
Z Administration Z City Clerk ❑ Community Development ❑ EMS/IT Z Finance ❑ Fire
❑ Municipal Court Z Legal ❑ Library ❑ Police Z Eng./Public Works ❑ Utilities
City of Paris p Revised 2/04/08
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DRAFT
attorney\reswork\current\s.collegiate dr project reimbursement
RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS;
EXPRESSING OFFICIAL INTENT TO REIMBURSE COSTS OF PROJECT FOR
SOUTH COLLEGIATE DRIVE ROAD IMPROVEMENTS FROM
CERTIFICATES OF OBLIGATION TO BE ISSUED BY THE CITY AND OTHER
MATTERS RELATED THERETO, MAKING OTHER FINDINGS AND
PROVISIONS RELATED TO THE SUBJECT; AND DECLARING AN
EFFECTIVE DATE.
WHEREAS, the City of Paris, Texas (the "Issuer") is a municipality of the State of
Texas; and,
WHEREAS, the Issuer expects to pay expenditures for the construction,
expansion and widening of S. Collegiate Drive (the "Project") prior to the issuance of the
Issuer's Certificates of Obligation; and,
WHEREAS, the Issuer finds, 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 finance the Project.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF PARIS, TEXAS:
Section 1. The Issuer reasonably expects to incur debt, as one or more series of
certificates of obligation, with an aggregate maximum principal amount not to exceed
$2,650,000.00 for the purpose of paying the costs of the Project.
Section 2. All cost 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 3. 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 4. That this resolution shall be effective from and after its date of
passage.
PASSED AND APPROVED this 12th day of October, 2009.
Jesse James Freelen, Mayor
ATTEST:
Janice Ellis, City Clerk
APPROVED AS TO FORM:
W. Kent McIlyar, City Attorney
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