HomeMy WebLinkAboutResolution 2016-018 RESOLUTION NO. 2016-018
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NORTH
RICHLAND HILLS, TEXAS, DECLARING EXPECTATION TO
REIMBURSE EXPENDITURES WITH PROCEEDS OF FUTURE DEBT;
AND PROVIDING AN EFFECTIVE DATE
WHEREAS, the City of North Richland Hills, Texas (the "Issuer") intends to issue
debt for the acquisition of real property and the installation of streets and sidewalks as
listed on Exhibit "A" (collectively, the "Project");
WHERAS, the City 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 City must declare its
expectation to make such reimbursement; and
WHEREAS, the City desires to preserve its ability to reimburse the capital
expenditures with proceeds of tax-exempt obligations; and
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF NORTH RICHLAND HILLS, THAT
SECTION 1
All of the above premises are hereby found to be true and correct legislative and
factual findings of the City of North Richland Hills, and they are hereby approved and
incorporated into the body of this Resolution as if copied in their entirety.
SECTION 2
The City reasonably expects to reimburse capital expenditures with respect to
the Project with proceeds of debt hereafter to be incurred by the City, and 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 $1,000,000.
SECTION 3
This Resolution shall take effect from and after the date of its passage.
Resolution No. 2016-018
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PASSED AND APPROVED this the 9th day of May 2016.
CITY • NORTH RICHLAND HILLS, TEXAS
�� •"' •NO'' By:
Oscar Trevino, Mayor
ATTEST: p. r r
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Rbiu, \P,td,ckli .z1
Alicia Richardson, City Sec .w..0* ��S�a�``
/APPROVE. S T• FORM A D LEGALITY:
r I OIL t r.
Cara Leahy White, ssistant City Atto ney
APPROVED AS TO CONTENT:
Ke t Austin, Director of Finance
Resolution No. 2016-018
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