HomeMy WebLinkAboutOrd 687-2015 reimburse city hall projects.pdfCITY OF ANNA
ORDINANCE NO. 687-2015
ORDINANCE EXPRESSING
OFFICIAL INTENT TO REIMBURSE
COSTS OF CITY HALL PROJECTS
WHEREAS, the City of Anna, Texas (the "Issuer") is a duly created governmental body
of the State of Texas;
WHEREAS, the Issuer expects to pay, or have paid on its behalf, expenditures in
connection with the design, planning, acquisition, equipment, installation and construction of the
projects described on Exhibit "A" hereto (collectively, the "Projects") prior to the issuance of
tax-exempt obligations, tax-credit obligations and/or obligations for which a prior expression of
intent to finance or refinance is required by Federal or state law (collectively and individually,
the "Obligations") to finance the Projects;
WHEREAS, the Issuer finds, considers, and declares that the reimbursement 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 to reimburse itself for such payments at such
time as it issues Obligations to finance the Projects;
THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
ANNA, TEXAS THAT:
Section 1. The Issuer reasonably expects to incur debt, as one or more series of
Obligations, with an aggregate maximum principal amount equal to $10,550,000 for the purpose
of paying the costs of the Projects.
Section 2. All costs to be reimbursed pursuant hereto will be capital expenditures.
No Obligations will be issued by the Issuer in furtherance of this Statement 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 Obligation will be issued pursuant to
this Statement more than three years after the date any expenditure which is to be reimbursed is
paid.
Section 4. The foregoing Sections 2 and 3 notwithstanding, all costs to be reimbursed
with qualified tax credit obligations shall not be paid prior to the date hereof and no tax credit
obligations shall be issued after 18 months of the date the original expenditure is made.
Date: May 12, 2015
PASSED AND APPROVED by the City Council of the City of Anna, Texas, on this 12 111 day
of May, 2015.
Ayes_7_ Nays_Q_
ATTEST:
~;l;I/~
Mirenda McQuagge-Walden, Acting City Secretary
City of Anna, Texas
Abstained _Q_
APPROVED:
/r ~ Mayor, Mike CriS
City of Anna, Texas