HomeMy WebLinkAboutResolution 2004-011
Resolution No. 2004-011
A RESOLUTION declaring expectation to reimburse expenditures with the proceeds of
future debt.
WHEREAS, the City of North Richland Hills, Texas (the "Issuer") intends to issue debt
for construction of a Pavilion at Iron Horse Golf Course (the "Project") and further intends to
make certain capital expenditures with the proceeds of such debt;
WHEREAS, under Treas. Reg. § 1.150-2 (the "Regulation"), to fund such
reimbursements with the 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 the proceeds of tax-exempt obligations.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF NORTH
RICHLAND HILLS, TEXAS, THAT the Issuer reasonably expects to reimburse capital
expenditures with respect to the Projects with the proceeds of debt hereafter to be issued 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 $125,000.
PASSED AND ADOPTED this 9th day of February 2004.
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APPROVED AS TO CONTENT:
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