HomeMy WebLinkAboutResolution 3894-06-2010A Resolution
NO 3894-06-2010
OFFICIAL INTENT TO REIMBURSE
EXPENDITURES WITH PROCEEDS OF FUTURE DEBT
WHEREAS, the City of iFort Worth, Texas (the 'City") is a home-rule municipality and political
subdivision of the State of Texas,
WHEREAS, the Crty expects to pay from available funds expenditures in connection with the acquisition
of fire equipment and vehicles (the 'Project") pnor to the issuance of obhgations by the City m connection with
the financing of the Project;
WHEREAS, the City finds, considers, and declares that the reimbursement of the City for the payment of
such expenditures will be appropriate and consistent with the lawful objectives of the City and, as such, chooses
to declare its intention, in accordance with the provisions of Section 1 150-2 of the Treasury Regulations, to
reimburse itself for such payments at such time as rt issues obligations to finance the Project;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF FORT WORTH, TEXAS
Section 1 The City reasonably expects it will incur debt, as one or more serves of obligations, with an
aggregate maximum principal amount not to exceed $4 100 000 for the purpose of paying the aggregate costs of
the Project.
Section 2 All costs to be. reimbursed pursuant hereto will be capital expenditures. No tax-exempt
obhgations will be issued by the City 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 tax-exempt obligation will be issued pursuant to tlus
Statement more than three years after the date any expenditure which is to be reimbursed is paid.
Adopted this 15th day of June 2010
ATTEST f~fi~r?r
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Marty Hen rix /City Secret~ar-y
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CITY OUNCiI
.iUN 15 2010
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CitWy of Fort Worth, Texas
City of Fort Worth, Texas
Mayor and Council Communication
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COUNCIL ACTION: Approved on 6!15/2010 -Res. No. 3894-06-2010
DATE Tuesday June 15 2010
LOG NAME 1310 FIRE REIMB RES
REFERENCE NO G-16959
SUBJECT
Adopt a Resolution Expressing Official Intent to Reimburse Costs of Acquiring Fire Equipment and
Vehicles
RECOMMENDATION
It is recommended that the City Council adopt a resolution expressing official intent to reimburse costs of
acquiring fire equipment and vehicles
DISCUSSION
The Fire Department is currently on a Fleet Rotation Plan that calls for approximately $4 million worth of
vehicle and equipment purchases per year This plan allows the department to rotate out of the fleet
vehicles too old or too costly to continue utilizing for public safety The city has financed such purchases in
the past via issuance of Equipment Notes and Certificates of Obligation
The City generally issues tax-supported debt after the Certified Appraisal Rolls are available in late July
Because of the lengthy delay between order time and order fulfillment with fire trucks however the
department cannot wait until August or September to place the new orders To accommodate this
concern staff recommends adopting the attached resolution stating the City's intent to purchase fire
equipment and vehicles and to reimburse itself through the issuance of debt at a later date
Staff anticipates presenting tax-supported debt issuances to City Council for its consideration in August of
this year
FISCAL INFORMATION /CERTIFICATION
The Financial Management Services Director certifies that there is no immediate fiscal impact of
approving the resolution
FUND CENTERS
TO Fund/Account/Centers
FROM Fund/Account/Centers
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CERTIFICATIONS
Submitted for City Manager's Office b~ Karen Montgomery (6222)
Originating Department Head. Lena Ellis (8517)
Additional Information Contact: James Mauldin (2438)
Logname• 1310 FIRE REIMB RES Page 1 of 1