HomeMy WebLinkAboutResolution 2005-087
RESOLUTION NO. 2005-087
A RESOLUTION declaring expectation to reimburse expenditures with the proceeds of
future debt.
WHEREAS, the City of North Richland Hills, Texas (the "Issuer") intends to issue debt for
street improvements, drainage improvements and Aquatic Park Improvements and Fire,
EMS, Public Works and Golf Course equipment (collectively, the "Projects") and further
intends to make certain capital expenditures with the proceeds of such debt;
WHEREAS, under Treas. Reg. § 1.150-2 (the "Regulation"), to fund such reimbursements
with the proceeds of tax-exempt obligations the Issuer must declare its expectation to
make such reimbursement; and
WHEREAS, the Issuer desires to preserve its ability to reimburse the capital expenditures
with the proceeds of tax-exempt obligations.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF NORTH RICHLAND
HILLS, TEXAS, THAT the Issuer reasonably expects to reimburse capital expenditures
with respect to the Projects with proceeds of debt hereafter to be issued by the I ssuer, and
that this resolution shall constitute a declaration of official intent under the Regulation. The
maximum principal amount of obligations expected to be issued for the Projects is
$4,600,000.
PASSED AND ADOPTED this 14th day of November 2005.
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City Secretary
AP~LITY:
Att~rney for the City 'i)L
APPROVED AS TO CONTENT:
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Project Listing for Reimbusement Resolution for CIP Budget
Fiscal Year 2005/2006 Bond Projects
Project Description Budgeted Amount
Rufe Snow (Mid-Cities to Hightower) $ 600,000
Davis Boulevard I Mid-Cities Intersection $ 220,000
Holiday I Chapman I Meadow Signalization $ 395,000
Simmons Drive (Mid-Cities to new library) $ 735,000
Aquatic Park Plan Improvements $ 1,095,000
Aerial Ladder Truck (Fire) Replacement $ 901,900
Ambulance Replacement $ 205,390
Backhoe Tractor I Loader Replacement $ 77,000
Dump Truck Replacement (2) $ 150,000
Roller Replacement $ 84,000
Golf Course Equipment Replacement $ 135,000
Total Possible Bond Reimbusement Amount $ 4,598,290