RE 2001-06-12.1A RESOLUTION OF THE CITY OF COPPELL, TEXAS
RESOLUTION NO. 2001.0612.1
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COPPELL,
TEXAS, ESTABLISHING THE FISCAL POLICY OF THE CITY IN REFERENCE TO
CREATING CORPORATIONS THAT ARE ELIGIBLE TO ISSUE TAX EXEMPT
DEBT.
THE STATE OF TEXAS§
COUNTIES OF DALLAS AND DENTON§
CITY OF COPPELL§
WHEREAS
, the City of Coppell, Texas (the "Sponsoring Entity") is a duly created
municipal corporation and political subdivision of the State of Texas created and established
under the Constitution and laws of the State of Texas.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF COPPELL,
TEXAS:
The intent of this paragraph is to assure that the taxpayers of the City receive full benefit
"qualified" status on debt issued and not subsidize the interest expense of other debt issuers
utilizing corporations created by the City on their behalf. Any differential in interest expense to
the City between "qualified" and non-qualified" tax exempt debt status that results from debt
issued through corporations established by the City Council will be born by those issuers of debt.
The differential will be prorated among the issuers utilizing the corporations based on the
amount of debt is issues to total debt issued by all corporation issuers during the calendar year.
Any differential in the City's cost shall be calculated by the City's financial advisor based on
market conditions on the date of the City sale of debt.
Issuers utilizing the corporations shall agree to make annual payments to the City in lieu of ad
valorem taxes that would have been owed to the City. Other taxing entities will be consulted
when the special agreements are drawn up.
Each case will be considered individually in order to grant relief from said policies.
DULY PASSED AND APPROVED by the City Council of the City of Coppell, Texas
on the 12th day of June ,2001
APPROVED:
CANDY SHEEHAN, MAYOR
ATTEST:
LIBBY BALL, CITY SECRETARY
ROBERT E. HAGER, CITY ATTORNEY