HomeMy WebLinkAboutResolution 2019-004 RESOLUTION NO. 2019-004
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 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 $1,296,825.
PASSED AND APPROVED on this 14th day of January, 2019.
CITY OF o RTH RICHLAND HILLS,
TE IS
By: r
Oscar Trevino, Mayor
Resolution No.2019-004
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ATTEST: '...
1*
Alicia Richardp ,City
*
APPROVED AS TO FORM AND LEGALITY:
�
"aleshia B. McGinnis, City Attorney
APPROVED AS TO CONTENT
Mark C. Mills, Finance Director
Resolution No.2019-004
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EXHIBIT "A" RESOLUTION NO. 2019-004
PROJECTS INCLUDED IN REIMBURSEMENT RESOLUTION
(collectively, the "Project")
DEBT PROJECT PROJECT PROJECT
TYPE TYPE NUMBER DESCRIPTION AMOUNT
CO Fleet FS1912 Fire Aerial Apparatus $1,285,000
--- --- --- Estimated Issuance Cost $11,825
TOTAL $1,296,825
Resolution No.2019-004
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