14-22 - RE
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TOWN OF PROSPER, TEXAS
RESOLUTION NO. 14-22
A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF PROSPER, TEXAS,
DECLARING THE EXPECTATION TO REIMBURSE EXPENDITURES FOR THE
DESIGN AND CONSTRUCTION OF TOWN HALL WITH PROCEEDS OF FUTURE
DEBT; AUTHORIZING THE PREPARATION OF THE DOCUMENTS ASSOCIATED
WITH THE ISSUANCE, SALE AND DELIVERY OF THE DEBT OBLIGATIONS;
AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Town of Prosper, Texas (the "Town"), intends to issue debt in the amount of
$1,250,000.00 for capital expenditures in connection with the design and construction of Town Hall
from the proceeds of such debt issued subsequent to paying such costs; and
WHEREAS, under Treas. Reg. § 1.150-2 (the "Regulation"), to fund such reimbursement
with proceeds of tax-exempt obligations, the Town must declare its expectation to make such
reimbursement; and
WHEREAS, the Town desires to preserve its ability to reimburse the capital expenditures
referenced herein with the proceeds of tax-exempt obligations.
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF
PROSPER, TEXAS, THAT:
SECTION 1
The Town reasonably expects to reimburse capital expenditures in the amount of
$1,250,000.00 with respect to the design and construction of Town Hall with the proceeds of debt
hereafter to be incurred by the Town, and that this Resolution shall constitute a declaration of official
intent under the Regulation.
SECTION 2
The Town's Financial Advisor is hereby authorized and directed to prepare, or cause to be
prepared, any and all documents including, but not limited to, an Official Statement associated with
the issuance, sale and delivery of the bonds, the proceeds of which will provide financing of the
foregoing projects listed in Section 1 of this Resolution.
SECTION 3
This Resolution shall take effect from and after the date of its passage.
DULY PASSED, APPROVED, AND ADOPTED BY THE TOWN COUNCIL OF THE TOWN
OF PROSPER, TEXAS, ON THIS 8TH DAY OF APRIL, 2014.
Ray Smit , Mayor
ATTEST:
APPROVED AS TO FORM AND LEGALITY:
Terrence S. Welch, Town Attorney
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Resolution No. 14--22, Page 2