HomeMy WebLinkAboutResolution 2021-002RESOLUTION NO. 2021-002
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
debt, in one or more series, for (i) constructing, renovating,
equipping, and improving various City streets, as set forth in "Exhibit
A" attached hereto and incorporated herein, 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) 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, and (iii) 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
incurred by the Issuer and that this Resolution shall constitute a
declaration of official intent under the Regulation. The maximum
Resolution No. 2021-002
Page 1 of 3
principal amount of obligations expected to be issued for the Project
is $20,225,000.
PASSED AND APPROVED on this 11t" day of January, 2021.
CITY OF NORTH RICHLAND HILLS,
no,
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City Secretary/Chief Gov01908 Officer
APPROVED AS TO FORM AND LEGALITY:
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Valesh—iaB. McGinnis, City Attorney
APPROVED AS TO CONTENT:
Mark C. Mills, Director of Finance
Resolution No. 2021-002
Page 2 of 3
EXHIBIT A
PROJECTS INCLUDED IN REIMBURSEMENT RESOLUTION
(collectively, the "Project')
Debt
Type
Taxable or
Tax -Exempt
Project
Type
Description.
,Amount
GO
Tax Exempt
Streets
Bedford -Euless Rd
$3,415,000
GO
Tax Exempt
Streets
Glenview Dr West
$4,515,000
GO
Tax Exempt
Streets
Iron Horse Blvd (Browning to Rufe Snow)
$3,460,000
GO
Tax Exempt
Streets
Nor' East Dr
$1,530,000
GO
Tax Exempt
Streets
North Hills Dr
$2,120,000
GO
Tax Exempt
Streets
Meadow Oak Dr
$570,000
GO
Tax Exempt
Streets
Diamond Lock W
$130,000
GO
Tax Exempt
Streets
Pearl St
$690,000
GO
Tax Exempt
Streets
Southampton Dr
$1,080,000
GO
Tax Exempt
Streets
Stonybrooke Dr
$870,000
GO
Tax Exempt
Streets
Nob Hill
$820,000
CO
Tax Exempt
Utility
College Hills Ground Storage Tank Rehab
$840,000
Sub Total .
$2%040;000 ,
Est. Issuance Cost
$185,000
TOTAL
$20,225;000
Resolution No. 2021-002
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