HomeMy WebLinkAboutResolution 2019-040 RESOLUTION NO. 2019-040
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, in one or more series, for (i) constructing, renovating,
'equipping, and improving various City streets, including drainage,
landscaping, curbs, gutters, sidewalks, entryways, signage, lighting
and traffic signalization incidental thereto and the acquisition of land
and rights-of-way therefor, (ii) acquiring fleet vehicles and equipment
for various City departments, including fire/emergency services
department and public works department, (iii) constructing,
renovating and improving City facilities, (iv) constructing, acquiring,
purchasing, renovating, enlarging, equipping, and improving the
City's water and sewer system facilities, including the acquisition of
land and rights-of-way therefor, (v) constructing, improving and
equipping the City's golf course and related infrastructure and
facilities, and (vi) professional services rendered in relation to such
projects and the financing thereof (collectively such purposes are
referred to herein as the "Project")
WHEREAS, the City of North Richland Hills, Texas 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 and taxable 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 and taxable obligations.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF NORTH RICHLAND HILLS, TEXAS THAT:
SECTION 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.
SECTION 2. The Issuer reasonably expects to reimburse capital expenditures
with respect to the Project with proceeds of debt hereafter to be
Resolution No.2019-040
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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 $9,850,000.
PASSED AND APPROVED on this 23rd day of September, 2019.
CITY OF NORTH RICHLAND HILLS,
TEXA :
6lil
p ll isay U1lo, By.
• °` .� I '� Oscar vi Mayor
ATTEST: ti�
V
Alicia Richardson, City Secret ;o.
j`''�f/.'l�l t 111 111 llllldl
APPROVED AS TO FORM AND LEGALITY:
jtV6Ake_ INc-1
Maleshia B. McGinnis, City Attorney
APPROVED AS TO CONTENT:
Mark C. Mills, Director of Finance
Resolution No.2019-040
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EXHIBIT A
PROJECTS INCLUDED IN REIMBURSEMENT RESOLUTION
(collectively, the "Project")
Debt. Taxable or . Project Project
Type Tax-Exempt Type. Number Description .. . Amount
CO Tax Exempt Streets ST2005 Northeast Parkway/Davis Traffic Signal $380,000
CO Tax Exempt Fleet FS1912 Fire Truck Replacement $985,000
CO Tax Exempt Fleet FS2001 Ambulance Replacement $335,000
CO Tax Exempt Fleet FS2002 Backhoe Replacement $140,000
CO Tax Exempt Fleet FS2003 Backhoe Replacement $140,000
CO Tax Exempt Fleet FS2007 Front-End Loader Replacement $220,000
CO Tax Exempt Fleet FS2008 Front-End Loader Replacement $220,000
CO Tax Exempt Facilities FC2001 Carpet Replacement-Library $320,000
CO Tax Exempt Utility UT2004 24"Wastewater Main Replacement $1,255,000
CO Tax Exempt Utility UT2008 Conn Pump Station Pump/Electric Rehab $1,500,000
CO Tax Exempt Utility UT2002 Misc.Water/Sewer Main Replacement $445,000
CO Tax Exempt Utility UT2001 Small Water Main Replacement $440,000
CO Taxable Golf Course GC1901 Iron Horse Golf Course Improvements $3,285,000
Sub Total' $9,665,000
Est. Issuance Cost $185,000
TOTAL $9,850,000
Resolution No.2019-040
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