2021-62 - R - Expressing Intent Reimburse Costs FY 2021-2022 CIP Programs - 10.12.21TOWN OF PROSPER, TEXAS
RESOLUTION NO. 2021-62
A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF PROSPER,
TEXAS, EXPRESSING OFFICIAL INTENT TO REIMBURSE COSTS OF FISCAL
YEAR 2021-2022 CAPITAL IMPROVEMENT PROGRAM PROJECTS; MAKING
FINDINGS; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Town of Prosper, Texas (the "Issuer"), is a duly created governmental
body of the State of Texas (the "State"); 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
2021-2022 capital improvement program projects, including costs associated with the
construction of street improvements, park improvements, public safety facilities, water and
wastewater infrastructure, storm drainage system improvements, and other 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
All of the above premises are hereby found to be true and correct and are hereby approved
and incorporated into the body of this Resolution as if copied in their entirety.
SECTION 2
The Issuer reasonably expects to incur debt, as one or more series of Obligations, with an
aggregate maximum principal amount equal to $16,000,000 for the purpose of paying the costs
of the Project.
SECTION 3
All costs to be reimbursed pursuant hereto will be capital expenditures. No Obligations
will be issued by the Issuer in furtherance of this Resolution after a date which is later than
eighteen (18) months after the later of (1) the date the expenditures are paid, or (2) the date on
which the Project, with respect to which such expenditures were made, is placed in service.
SECTION 4
The foregoing notwithstanding, no Obligation will be issued pursuant to this Resolution
more than three years after the date any expenditure which is to be reimbursed is paid.
SECTION 5
The foregoing Sections 3 and 4 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 eighteen (18) months of the date the original expenditure is made.
SECTION 6
To evidence the adoption of this Resolution on this, the 12th day of October 2021, 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 12TH DAY OF OCTOBER 2021.
ATTEST:
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Michelle Lewis Sirianni, Town Secretary
APPROVED AS TO FORM AND LEGALITY:
Terrence S. elch, Town Attorney
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Ray Smith, Payor
Resolution No.2021-62, Page 2
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