12-36 - R TOWN OF PROSPER, TEXAS RESOLUTION NO. 12-36
A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF PROSPER, TEXAS,
HEREBY AUTHORIZING OFFICIAL INTENT TO REIMBURSE COSTS OF
ACQUISITION OF A FIRE ENGINE.
WHEREAS, the Town of Prosper, Texas (the "Issuer") is a duly created home-rule municipality
and governmental body of the State of Texas; and
WHEREAS, the Issuer expects to pay, or have paid on its behalf, expenditures of approximately
$600,000 in connection with acquisition of an equipped fire engine for the Issuer (the "Project")
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 Project; and
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 Project.
THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE ISSUER 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 $5,500,000 for the purpose of paying
certain capital expenditures, including the costs of the Project.
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.
Section 5. To evidence the adoption of this Resolution on the date shown below by the Town
Council of the Issuer, the signatures of the Town Secretary and Mayor are set forth below.
ATTEST: APPRVED: )
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