HomeMy WebLinkAboutResolution 2016-004 RESOLUTION NO. 2016-004
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF NORTH
RICHLAND HILLS, TEXAS:
WHEREAS, the City of North Richland Hills, Texas (the "Issuer") intends to issue
debt for water sewer and streets projects (collectively, the "Project") and further intends
to make certain capital expenditures with respect to the Project and currently desires
and expects to reimburse the capital expenditures with proceeds of such debt;
WHEREAS, under Treas. Reg. § 1.150-2 (the "Regulation"), to fund such
reimbursement with 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 proceeds of tax-exempt obligations.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
ISSUER THAT the Issuer reasonably expects to reimburse capital expenditures with
respect to the Project with proceeds of debt hereafter to be incurred 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 Project is
$2,115,000.
PASSED AND APPROVED this the 25th day of Ja uary, 20
CITY 2 �'RT. 4 - A D HILLS
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,�a��"'jjp°°„""" y •car Trevino,rMayor
ATTEST: ��`�‘•N''`CH ..•
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Alicia Richardson, City Sect �ry r
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APPR 0 -i� TO F 3 RM ANI 'ECIALITY:
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George A. Staples,/City Attorney
APPROVED AS 0 CONTENT:
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Ken Austin, Director of Finance