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HomeMy WebLinkAboutResolution 2014-023 RESOLUTION NO. 2014-023 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NORTH RICHLAND HILLS INTENT TO REIMBURSE EXPENDITURES WITH PROCEEDS OF FUTURE DEBT; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, THAT the City of North Richland Hills, Texas (the "Issuer") intends to issue debt for constructing and improving the City of North Richland Hills City Hall, constructing and improving the City of North Richland Hills Animal Adoption and Rescue Center, constructing and improving City of North Richland Hills streets, drainage and utility improvements at Rufe Snow at Mid-Cities to Hightower Street, and Public Safety 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 THE CITY OF NORTH RICHLAND HILLS, TEXAS THAT: SECTION 1. The preambles to this Resolution are hereby adopted in their entirety and incorporated herein as though set forth in full herein SECTION 2. 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 $25,460,000. SECTION 3. This Resolution shall be effective from and after its passage. PASSED AND APPROVED this the 8th day of September, 2014. CITY y NORJC • ND HILLS By: ' Ogler 7 a ino, Mayor Resolution No 2014-023 Page 1 of 2 Iwu ATTEST: R.. •... '. Alicia Richardson, City Secr--<, . h y .Y ' anaam APPROVED AS TO FORM AND LEGALITY: 4ir1 :l George A. Staples, ity Attorney APPROVED AS TO CONTENT: Larry Ko ce, Director of Resolution No 2014-023 Page 2 of 2