HomeMy WebLinkAboutResolution 2016-035RESOLUTION NO. 2016 -035
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NORTH RICHLAND
HILLS AUTHORIZING REIMBURSEMENT OF CAPITAL EXPENDITURES WITH
RESPECT TO PROCEEDS OF DEBT HEREAFTER TO BE INCURRED.
WHEREAS, the City of North Richland Hills, Texas (the "Issuer ") intends to issue debt
for the acquisition of multiple fire apparatus, street capital projects, and the
redevelopment of existing parkland (collectively, the "Project ") and further
intends to make certain capital expenditures with respect to the Project
and currently desires and expects to reimburse capital expenditures with
proceeds of such debt;
WHEREAS, under Treas. Reg. § 1.150 -2 (the "Regulation "), to
reimbursement with proceeds of tax - exempt obligations, the
declare its expectation to make such reimbursement; and
WHEREAS, the Issuer desires to preserve its ability to reimburse
expenditures with proceeds of tax - exempt obligations.
fund such
Issuer must
the capital
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
NORTH RICHLAND HILLS, TEXAS 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 $6,900,000.
AND IT IS SO RESOLVED.
PASSED AND APPROVED this the 14th day of November, 2016.
ATTEST:
CITY I , OR RICHLAND HILLS
``,,,oloouuuau,, By:
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Alicia Richardson, Ci �ecretary'. ,�
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Resolution No. 2016 -035
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Oscar Trevino, Mayor
APPROVED AS TO FORM AND LEGALITY:
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aleshia Farmer, City Attorney
APPROVED AS TO CONTENT:
Mark C. Mills, Budget Director / Interim Finance Director
Resolution No. 2016 -035
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