HomeMy WebLinkAboutResolution 2008-002RESOLUTION NO. 2008-002
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF NORTH
RICHLAND HILLS, TEXAS:
SECTION 1. THAT the City of North Richland Hills, Texas (the "Issuer") intends
to issue debt for street and drainage improvements, water and wastewater
system improvements, Parks and Recreation improvements, Aquatic Park
improvements and Fire and Public Works 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 Issuer, 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 $9,005,000.
PASSED AND APPROVED this the 28th day of January, 2008.
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CITY O N RTH I HLAND HILLS
By:
Oscar Trevino, Mayor
PaiYlbie~on, City Secretary
AP O O O M AND LEGALITY:
George A. Staples, City Attorney
APPROVED AS TO CONTENT:
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Larry K nce, Director of Finance