HomeMy WebLinkAboutRes 2007-02-02 Expressing Official Intent to Reimburse Costs.pdfRESOLUTION NO. 200J_ 0 L -o2-
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ANNA,
TEXAS, EXPRESSING OFFICIAL INTENT TO REIMBURSE COSTS OF
THE CITY OF ANNA ASSOCIATED WITH THE CONSTRUCTION OF
THE NORTHPOINTE SEWER ($524,000) AND THE FERGUSON
PARKWAY WATERLINE ($70,000).
WHEREAS, the City of Anna, Texas (the "City") expects to incur the expenditures
described in Section 2 prior to the issuance of obligations by the Greater Texoma Utility
Authority ("GTUA") on behalf of the City to finance such expenditures; and
WHEREAS, GTUA will be issuing debt for the projects described in Section 2 on the
City's behalf, and the City will advance funds to GTUA to pay the developer(s) for such
project costs and following the issuance of the tax-exempt obligations and reimbursement
of such capital expenditures by GTUA, GTUA will reimburse the City for the
advancement of funds for the payment thereof; and
WHEREAS, the City finds, considers and declares that the reimbursement to the City for
the payment of such expenditures will be appropriate and consistent with the lawfid
objectives of the City and, as such, chooses to declare its intention, in accordance with
the provisions of Section 1.150-2 of the Treasury Regulations, to be reimbursed for such
expenditures at such time as GTUA issues obligations to finance any of the items
described in Section 2.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF ANNA, TEXAS, THAT:
SECTION 1. The facts and recitations contained in the preamble of this Resolution are
hereby found and declared to be true and correct, and ate incorporated by reference
herein and expressly made a part hereof, as if copied verbatim;
SECTION 2. The City reasonably expects GTUA to incur debt, as one or more separate
series of various types of obligations for the purpose of paying the costs described below:
Payment for
Northpointe sewer $524,000
Ferguson Parkway waterline 70,00
Total $594,000
SECTION 3. The City Manager is hereby authorized and directed to advance to GTUA
funds for payment of the City's share of the costs of the projects identified in Section 2
when they become payable from the Fund
SECTION 4. All costs to be reimbursed pursuant hereto will be capital expenditures. No
tax-exempt obligations will be issued by GTUA 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 Facility is placed into service.
SECTION 5. The foregoing notwithstanding, no tax-exempt obligations will be issued
pursuant to this Resolution more than 3 years after the date any expenditure which is to
be reimbursed is paid.
SECTION 6. This Resolution shall be effective immediately upon adoption.
RESOLVED this d. 9r- day ofFi�. 2007
ATTEST: THE CITY OF ANNA, TEXAS:
ty Secretary
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