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
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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