HomeMy WebLinkAboutResolution 2018-015 RESOLUTION NO. 2018-015
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 and utility capital projects 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 $750,000.
PASSED AND APPROVED this the 23rd day of July, 2018.
CITY OF NORTH RICHLAND HILLS,
TEXAS
BY: it . i
Oswar T°no, Mayor
Resolution No.2015-015
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ATTEST: 001,11tip u»,%,
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Alicia Richardson, City Setretary:
S ;rte:
APPROVED AS TO roti Nb LEGALITY:
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al-shia B. McGinnis, City Attorney
APPROVED AS TO CONTENT:
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Mark C. Mills, Director of Finance
Resolution No.2018-015
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EXHIBIT A
PROJECTS INCLUDED IN REIMBURSEMENT RESOLUTION
(collectively, the "Project")
Project Debt Project Project
Type Type Number Title Amount
Street CO ST0401 Davis Blvd/Mid Cities Blvd Intersection $130,000
Utility CO UT1607 Walker Branch Interceptor Project $600,000
Estimated Issuance Cost $20,000
Total $750,000
Resolution No.2018-015
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