15-68 - RTOWN OF PROSPER, TEXAS
RESOLUTION NO. 15-68
RESOLUTION EXPRESSING OFFICIAL INTENT TO REIMBURSE COSTS OF
TOWN FISCAL YEAR 2015-2016 CAPITAL IMPROVEMENT PROGRAM
PROJECTS
WHEREAS, the Town of Prosper, Texas (the "Issuer") is a duly created governmental
body of the State of Texas; and
WHEREAS, the Issuer expects to pay, or have paid on its behalf, expenditures in
connection with the design, planning, acquisition and construction of portions of its Fiscal Year
2015-2016 capital improvement program projects, including costs associated with the
construction of street improvements, park improvements, design and construction of a town
hall/multi-purpose facility, storm drainage system improvements, and the related infrastructure
improvements (collectively, 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 TOWN OF
PROSPER, 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 $13,077,409 for the purpose of paying 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 this, the 27th day of October, 2015 by the
Town Council of the Issuer, the signatures of the Town Secretary and Mayor are set forth below.
DULY PASSED AND APPROVED BY THE TOWN COUNCIL OF THE TOWN OF PROSPER,
TEXAS, THIS 27TH DAY OF OCTOBER, 2015.
Ray Smith, Mayor
ATTEST:
Resolution No. 15-68, Page 2