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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 Page 1 of 3 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 Page 2 of 3 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 Page 3 of 3