HomeMy WebLinkAboutResolution 2018-030 RESOLUTION NO. 2018-030
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 construction, improvement, and/or acquisition of street and sidewalk
capital projects, information technology capital projects, utility 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 $7,920,000.
AND SO IT IS RESOLVED.
PASSED AND APPROVED this the 8th day of October, 2018.
CITY O •RTH " F HLA D HILLS, TEXAS
By:
if y: , ,
Oscar Trevi • ayor
Resolution No.2018-030
Page 1 of 3
ATTEST:
ollownoby
Cr
n .!yr3
, 41ff r r
Traci Henderson, Assistant City Secrrr
APPROVED AS TO FORM AND LEGALITI "fifin°
L_ P/6S Ulf
Maleshia B. McGinnis, City Attorney
APPROVED AS TO CONTENT:
Mark C. Mills, Finance Director
Resolution No.2018-030
Page 2 of 3
EXHIBIT A
PROJECTS INCLUDED IN REIMBURSEMENT RESOLUTION
(collectively, the "Project")
DEBT PROJECT PROJECT PROJECT
TYPE TYPE NUMBER DESCRIPTION AMOUNT
CO Street SM1901 Preventive Street Maintenance Program $1,000,000
CO Street SM1902 Preventive Street Maintenance Program-Additional Funding $1,575,000
CO Street ST1901 TEXRaiI Signal Timing Coordination $100,000
CO Info.Tech. IT1701 ERP System Replacement $2,905,000
CO Info.Tech. IT1901 IT Network Replacement $120,000
CO Fleet FS1902 Distributor Truck $200,000
CO Fleet FS1904 Pothole Patcher $210,000
CO Fleet FS1911 Vac-Con Replacement $395,000
CO Utility UT1901 Large Value Replacement $95,000
CO Utility UT1902 Main/Snider/Center Utility Project $225,000
CO Utility UT1903 Misc.Water/Sewer Main Replacement(FY19) $445,000
CO Utility UT1904 Sewer Manhole Replacement&Rehab $150,000
CO Utility UT1905 Small Water Main Replacement(FY19) $440,000
--- --- --- Estimate Issuance Cost $60,000
TOTAL $7,920,000
Resolution No.2018-030
Page 3 of 3