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
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ATTEST: R.. •...
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Alicia Richardson, City Secr--<, . h y
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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
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