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HomeMy WebLinkAboutResolution 2011-035 RESOLUTION NO. 2011 -035 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 and utility improvements, and an Animal Adoption and Rescue Center Facility, (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 $8,045,000. PASSED AND APPROVED this the 14th day of November, 2011. � annma mpnii i 1G •- :...... y CITY • NORTH R HLAND HILLS 4t1 ) n h , _ B o '.. , }� Oscar Trevino, Mayor iii �• Patricia Hutson, City Secretary APP - OV = D AS 0 FORM AND LEGALITY: Oil* George A. Staples, ity Attorney APPROVED AS T CONTENT: Larry Kool , Finance Director