HomeMy WebLinkAboutResolution 2020-028 RESOLUTION NO. 2020-028
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
NORTH RICHLAND HILLS, TEXAS, 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
General Obligation Bonds 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, and (ii) professional services
rendered in relation to such projects and the financing thereof (collectively such
purposes are referred to herein as the "Project")
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 General Obligation
Bonds expected to be issued for the Project is $3,860,000.
PASSED AND APPROVED on this 1 3th day of July, 2020.
CITY OF NORTH RICHLAND HILLS,
TEXAS
By:
Oscar Tr vino, M
Resolution No.2020-028
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ATTEST: 4••%,;i
Alicia Richardson, Cityucretall
:d_ A
rj,. "4,tee
APPROVED AS TO FORT ANDllt EGALITY:
aleshia B. cGinnis, City Attorney
APPROVED AS TO CONTENT:
Mark C. Mills, Director of Finance
Resolution No.2020-028
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