Res 124-2010 11/2/2010 RESOLUTION NO. 124-2010
Resolution Waiving The City's Allocation Of Volume Cap Authority
To Issue Recovery Zone Bonds Pursuant To The American Recovery
And Investment Act Of 2009.
WHEREAS, pursuant to Section 1401 of the American Recovery and
Reinvestment Act of 2009 (ARRA) and Section 6.04 of Internal Revenue Service Notice
2009-50, certain counties and large municipalities in the state were allocated volume
cap authority to issue Recovery Zone Bonds (RZB's);
WHEREAS, the City of Wichita Falls was allocated the authority to issue up to
$1.776 million in Recovery Zone Economic Development Bonds and $2.664 million in
Recovery Zone Facility Bonds, and this authority expires December 31, 2010; and
WHEREAS, the City of Wichita Falls does not have an intended use for this
bonding authority and desires to waive that authority.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WICHITA FALLS, TEXAS, THAT:
The City of Wichita Falls hereby waives the bonding authority to issue up to
$1.776 million in Recovery Zone Economic Development Bonds and $2.664 million in
Recovery Zone Facility Bonds pursuant to Section 1401 of the American Recovery
and Reinvestment Act of 2009 (ARRA) and Section 6.04 of Internal Revenue Service
Notice 2009-50.
PASSED AND APPROVED this the 2nd day of November, 2010.
MA OR
ATTEST: �
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,
ity Clerk