12-13 - R Res 12-13
RESOLUTION EXPRESSING
OFFICIAL INTENT TO REIMBURSE
COSTS OF THE TOWN OF PROSPER CAPITAL IMPROVEMENT PROJECTS
WHEREAS, the Town of Prosper, Texas (the "Issuer") is a duly created municipal
corporation and a governmental body of the State of Texas;
WHEREAS, in accordance with an election held in the Issuer on May 14, 2011, the
voters of the Issuer have approved the issuance of bonds to fund costs various projects, and the
Issuer expects to issue or incur debt for street and road improvements in the Issuer and parks,
trails and recreational facilities in the Issuer, including the acquisition of land for public parks
(collectively, the "GO Projects"); and
WHEREAS, in addition to the GO Projects, the Issuer expects to issue or incur debt for
drainage improvements in the Issuer and extensions and improvements to the Issuer's water
system (such projects, together with the GO Projects, are hereinafter the "Projects"); and
WHEREAS the Issuer expects to pay, or have paid on its behalf, expenditures in
connection with the design, planning, acquisition and construction of the Projects, prior to the
issuance of one or more series 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; 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 Projects;
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 $19,900,000 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.
SIGNED this, the 28th day of February, 2012.
Town Secretary .)/ Mayor
014 PRO lilt
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