HomeMy WebLinkAboutResolution 2017-039 RESOLUTION NO. 2017-039
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 street and sidewalk capital projects, utility capital
projects, aquatic park capital projects, and fleet vehicles and equipment as more
specifically identified on attached Exhibit A (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; and
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 CITY
OF NORTH RICHLAND HILLS, TEXAS THAT:
1. The Recitals set forth above in this Resolution are found to be true and
accurate and are hereby incorporated into this Resolution for all purposes.
2. 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 $6,690,000.
AND SO IT IS RESOLVED.
PASSED AND APPROVED this the 2nd day of October, 2017.
CITY OF •RTH RICHLAND HILLS,
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O' . 're Aro, Mayor
Resolution No.2017-039
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•ATTEST: e1/4 • r1 y<
A icia Richardson, City Secret*
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APPROVED AS TO FORM AND LEGALITY:
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Maleshia B. McGinnis, City Attorney
APPROVED AS TO CONTENT:
Mark C. Mills, Finance Director
Resolution No.2017-039
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EXHIBIT A
PROJECTS INCLUDED IN REIMBURSEMENT RESOLUTION
(collectively, the "Project")
Project Debt Project
Type Type Number Project Title Amount
Street GO ST0401 Davis Blvd/Mid-Cities Blvd Intersection $550,000
Public Works CO PW1602 Meadow Lakes Drive& Rufe Snow Drive Intersection $1,315,000 *
Utility CO UT1607 Walker Branch Interceptor $2,200,000
Utility CO UT1801 Assess and Repair 16-inch Water Transmission Line $500,000
Utility CO UT1802 Misc. Water/Sewer Main Replacement $420,000
Utility CO UT1803 Small Water Main Replacements $420,000
Aquatic CO WP1802 Main Filtration Replacement $600,000
Fleet CO FS1801 Ambulance Replacement $295,000
Fleet CO FS1802 Bucket Truck $220,000
Estimated Issuance Cost $170,000
Total $6,690,000
*-Amount includes $1 million authorized by reimbursement resolution dated May 9, 2016
Resolution No.2017-039
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