HomeMy WebLinkAboutResolution 2017-047 RESOLUTION NO. 2017-047
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
NORTH RICHLAND HILLS, TEXAS, 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 construction, improvement, and/or acquisition of street and sidewalk
capital projects, drainage 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 13th day of November, 2017.
CIT OF N •TH RICHLAND HILLS,
T. A.
OF
Yik
Os r Trevino, Mayor
Resolution No.2017-047
Page 1 of 3
ATTEST: ‘"Ii4911A-.N,�i//,
n
(roc; I-fervPr;on,Q55/54zZn-1-G'i A �y h •�y
•APPROVED AS TO FORM AND LEG` IZI a,'
aleshia :. Mc Innis, City Attorney
APPROVED AS TO CONTENT:
��//
Mark C. Mills, Finance Director
Resolution No.2017-047
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
Drainage CO DR1801 Snow Heights Drainage Improvements $150,000
Public Works CO PW1602 Meadow Lakes Drive&Rufe Snow Drive Intersection $1,165,000
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 FS1803 Bucket Truck $220,000
Estimated Issuance Cost $170,000
Total $6,690,000
Resolution No.2017-047
Page 3 of 3