2009-114-RES-Expressing official intent to reimburse costs of project for South Collegiate DriveRESOLUTION NO. 2009-114
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.
ATTEST:
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nice Ellis, City Clerk
APPROVED AS TO FORM:
W. Kent Mc yar, Ci ttorney
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J sse Jam Freelen, Mayor