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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, T A' AO' b '1/ O' . 're Aro, Mayor Resolution No.2017-039 Page 1 of 3 �talllHl I AIll lh,,,�,��4/' •ATTEST: e1/4 • r1 y< A icia Richardson, City Secret* h :�,►. APPROVED AS TO FORM AND LEGALITY: C\A:■i\-09 Maleshia B. McGinnis, City Attorney APPROVED AS TO CONTENT: Mark C. Mills, Finance Director Resolution No.2017-039 Page 2 of 3 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 Page 3 of 3