2023-09-Resolution-Expressing Intent to Finance Expenditures Real Estate-05/15/2023CITY OF SANGER, TEXAS
RESOLUTION No. 2023-09
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANGER, TEXAS,
EXPRESSING INTENT TO FINANCE EXPENDITURES
WHEREAS, the City of Sanger, Texas (the "City"),apolitical subdivision of the State
of Texas, is authorized to finance its activities by issuing obligations pursuant to the Constitution
and general laws of the State, including, but not limited to Chapter 1331, Texas Government Code,
as amended, which may include obligations the interest on which is excludable from gross income
for federal income tax purposes ("Obligations"), pursuant to Section 103 of the Internal Revenue
of 1986, as amended (the "Code"); and
WHEREAS, the City has made, within the last 60 days, and/or will continue to make
payments with respect to the project(s) listed on Exhibit A attached hereto (the "Project"); and
WHEREAS, the City reasonably expects to issue Obligations to reimburse itself for the
costs associated with the Project; and
WHEREAS, the City desires to reimburse itself for the costs associated with the Project
from the proceeds of Obligations to be issued subsequent to the date hereof.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
SANGER, TEXAS, THAT:
SECTION 1. The City hereby declares its intent to reimburse itself for all costs paid
within the last 60 days and that will be paid on or subsequent to the date hereof in connection with
the Project from the proceeds of Obligations to be issued subsequent to the date hereof.
SECTION 2. The City reasonably expects that the maximum principal amount of
Obligations issued by the City to reimburse costs associated with the Project will not exceed
$173000,000.
SECTION 3. This Resolution will be kept in the books and records maintained by the
City with respect to the Obligations.
Resolution — 2023-02 Intent to Finance Expenditures
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PASSED AND APPROVED by the City Council of the City of Sanger, Texas, on this
15th day of May 2023.
ATTEST:
Resolution — 2023-02 Intent to Finance Expenditures
APPROVED:
Thomas E. Muir, Mayor
Coleman, City Attorney
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EXHIBIT A
PROJECT
1. Purchase of approximately 435 acres of IT; property.
2. Expenditures associated with the purchase of the property.
3. Expenditures associated with determining uses of the property.
Resolution — 2023-02 Intent to Finance Expenditures
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