HomeMy WebLinkAboutResolution 2019-019 RESOLUTION NO. 2019-019
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 certain municipal
parks and recreational facilities 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 either taxable or 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 $3,385,000.
PASSED AND APPROVED on this the 8th day of April, 2019.
CITY OF •RT r ICHL ND HILLS,
TEXAS:
By: ), fi
Os ar Vino, or
Resolution No.2019-019
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ATTEST: 4k./``
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Alicia Richat i n, City Se6ya ry
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APPROVED AS TO FORM AND LEGALITY:
Maleshia B. McGinnis, City Attorney
APPROVED AS TO CONTENT:
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Mark C. Mills, Finance Director
Resolution No.2019-019
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EXHIBIT A
PROJECTS INCLUDED IN REIMBURSEMENT RESOLUTION
(collectively, the "Project')
DEBT PROJECT 'PROJECT PROJECT ' ,
TYPE TYPE NUMBER DESCRIPTION: AMOUNT
CO Golf Course GC1901 Iron Horse Golf Course Improvements and Equipment $3,285,000
--- --- --- Estimate Issuance Cost l�1 $100,000
_ TOTAL, "$3,385,000
(1) Inclusive of Cost of Issuance,Underwriter's Discount,Additional Proceeds,and other associated costs.
Resolution No.2019-019
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