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HomeMy WebLinkAboutR91-129REIMBURSEMENT FROM BONDS, CERTIFICATES OF OBLIGATION OR LOAN FUNDS RESOLUTION NO. 91-129 A RESOLUTION OF THE CITY OF PLAINVIEW, TEXAS ADOPTING A POLICY CONCERNING THE STEPS NECESSARY FOR QUALIFYING COSTS AND EXPENSES INCURRED DURING THE PREPARATION FOR MUNICIPAL PROJECTS FOR REIMBURSEMENT FROM BOND OR LOAN FUNDS AUTHORIZED AFTER SUCH EXPENDITURES ARE MADE. WHEREAS, certain activities and actions are necessary to prepare for municipal projects and for the financing mechanisms to fund them; and WHEREAS, in order for the costs of such activities and actions to be paid from the funds authorized and obtained after incurring the costs, the activities and actions must, be designated by the City as being for a project to be paid from the proceeds of the said funds; and WHEREAS, the City of Plainview wishes to establish a policy which sets out the steps and procedures necessary to make said preliminary activities and actions eligible for reimbursement. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Plainview that the following steps and procedures be adopted for project costs which are to be made eligible for reimbursement or paid from funds derived from subsequently authorized bonds or loans: I. ADOPT RESOLUTION IDENTIFYING PROJECT(S) AND FUNDING METHOD A) The City Council shall adopt a resolution declaring its intention to issue Bonds, issue Certificates of Obligation or secure a Loan from the State of Texas for funding the purchase of property, the construction of improvements and to conduct related activities and actions. B) The City Council shall adopt a resolution declaring its intention to reimburse the City of Plainview for related expenditures made prior to the availability of funds from the issuance of Bonds or Certificates of Obligation or from the proceeds of a loan from the State of Texas. II. CONSULTATION WITH BOND ATTORNEYS FOR PREPARATION OF RESOLUTIONS A) The City shall secure the necessary resolutions from bond attorneys who are knowledgeable of the legal requirements and procedures necessary for the City to be able to reimburse itself for the costs of activities and actions performed prior to the 1 of 3 ti authorization of Bonds, Certificates of Obligations or State loans to fund the projects for which such activities and actions were performed. B) The following information shall be furnished to the bond attorneys for their use in preparing the necessary resolutions: 1) Total dollar amount of project(s) 2) Maximum estimated costs and descriptions of designated uses of proceeds. a) Preliminary engineering b) Permitting costs, if any c) Land and/or right-of-way costs, if any (Provide cost, location and description. d) Engineering services for design, bidding and construction. e) Construction, equipment and/or development f) Any other related activities or actions 3) Date proposed for passage of resolutions 4) Name of Mayor, City Council members and City Secretary III. ACCOUNTING DOCUMENTATION OF EXPENDITURES ELIGIBLE FOR REIMBURSEMENT A) The City shall secure a rubber stamp with words "Eligible for Reimbursement From Tax Exempt Proceeds". The stamp shall be used on statements and invoices to identify them for later consideration for reimbursement. PASSED AND APPROVED this 19th day of December, 1991. E. V. Ridlehuber, Mayor APPROVED AS TO CONTENT: L4/ i Norman Huggin rector of Finance 2 of 3 APPROVED AS TO FORM: did Wally atch, lit Attorney ATTEST: 24„Azt Ka n McBeth, City Secretary en McBeth, City Secretary 3 of 3 43 REn~BURSEI~NT FROM BONDS, CERTIFICATES OF OBLIGATION OR LOAN FUNDS RESOLUTION NO. 91-129 A RESOLUTION OF THE CITY OF PLAINVIEW, TEXAS ADOPTING A POLICY CONCERNING THE STEPS NECESSARY FOR QUALIFYING COSTS AND EXPENSES INCURRED DURING THE PREPARATION FOR MUNICIPAL PROJECTS FOR REIMBURSEMENT FROM BOND OR LOAN FUNDS AUTHORIZED AFTER SUCH EXPENDITURES ARE MADE. WHEREAS, certain activities and actions are necessary to prepare for municipal projects and for the financing mechanisms to fund them; and WHEREAS, in order for the costs of such activities and actions to be paid from the funds authorized and obtained after incurring the costs, the activities and actions must be designated by the City as being for a project to be paid from the proceeds of the said funds; and WHEREAS, the City of Plainview wishes to establish a policy which sets out the steps and procedures necessary to make said prelimlnary activities and actions eligible for reimbursement. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Plainview that the following steps and procedures be adopted for project costs which are to be made eligible for reimbursement or paid from funds derived from subsequently authorized bonds or loans: I. ADOPT RESOLUTION IDENTIFYING PROJECT(S) AND FUNDING METHOD A) The City Council shall adopt a resolution declaring its intention to issue Bonds, issue Certificates of Obligation or secure a Loan from the State of Texas for funding the purchase of property, the construction of improvements and to conduct related activities and actions. B) The City Council shall adopt a resolution declaring its intention to reimburse the City of Plainview for related expenditures made prior to the availability of funds from the issuance of Bonds or Certificates of Obligation or from the proceeds of a loan from the State of Texas. II. CONSULTATION WITH BOND ATTORNEYS FOR PREPARATION OF RESOLUTIONS A) The City shall secure the necessary resolutions from bond attorneys who are knowledgeable of the legal requirements and procedures necessary for the City to be able to reimburse itself for the costs of activities and actions performed prior to the lof3 44 III. authorization of Bonds, Certificates of Obligations or State loans to fund the projects for which such activities and actions were performed. B) The following information shall be furnished to the bond attorneys for their use in preparing the necessary resolutions: 1) Total dollar ~mount of project(s) 2) Maximum estimated costs and descriptions of designated uses of proceeds. a) Preliminary engineering b) Permitting costs, it~ any c) Land and/or right,of-way costs, ff any (Provide cost, location and description.- d) Engineering services for design, bidding and construction. e) Construction, equipment and/or development f) Any other related activities or actions 3) Date proposed for passage of resolutions ' 4) Name of Mayor, City Council members and City Secretary ACCOUNTING DOCUMENTATION OF EXPENDITURES ELIGIBLE FOR REIMBURSEMENT A) The City shall secure a rubber stamp with words "Eligible for Reimbursement From Tax Exempt Proceeds". The stamp shall be used on statements and invoices to identify them for later consideration for reimbursement. PASSED AND APPROVED this 19th day of December, 1991. E~ V. Ridlehuber, Mayor APPROVED AS TO CONTENT: Norman Huggins, Director of Finance 2of3 APPROVED AS TO FORM: Wally Hatch, City Attorney ATTEST: Karen McBeth, City Secretary 3 of 3