HomeMy WebLinkAboutResolution 2021-031RESOLUTION NO. 2021-031
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, 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 medical
services, (iii) 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 (iv) professional services rendered in relation to such
projects and the financing thereof (collectively such purposes are
referred to herein as the "Project"); and
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 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. 2021-031
Page 1 of 3
principal amount of obligations expected to be issued for the Project
is $16,365,000.
PASSED AND APPROVED this the 11th day of October, 2021.
CITY OF NORTH RICHLAND HILLS,
TEXAS
ATTEST:
Alicia Klcnarason
City Secretary/Chief
APPROVED AS TO FORM AND LEGALITY:
( A4L663\-"'�- �
a eshia B. McGinnis, City Attorney
APPROVED AS TO CONTENT:
Mark C. Mills, Director of Finance
Resolution No. 2021-031
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EXHIBIT A
PROJECTS INCLUDED IN REIMBURSEMENT RESOLUTION
(collectively, the "Project')
0
GO
a B 1
0
Streets
'
VIA o • �, .,
Crystal Lane
a
$493,200
2020 BE
GO
2020 BE
Streets
Daniel Drive
$497,400
GO
2020 BE
Streets
Dawn Drive
$1,222,800
GO
2020 BE
Streets
Harmonson Road
$2,326,000
GO
2020 BE
Streets
Kirk Lane
$418,800
GO
2020 BE
Streets
Lariat Trail
$2,362,800
GO
2020 BE
Streets
Main Street
$1,397,000
GO
2020 BE
Streets
Post Oak Drive
$590,400
GO
2020 BE
Streets
Sierra Drive
$658,800
GO
2020 BE
Streets
South Crest Drive
$373,800
GO
2020 BE
Streets
Windhaven Road
$1,366,800
GO
2020 BE
Streets
Wood View Drive
$697,200
CO
n/a
Fleet
Ambulance Replacement (Unit 980)
$385,000
CO
n/a
Utility
Big Fossil Interceptor Rehabilitation Project
$2,510,000
CO
n/a
Utility
Tyson 12" and 10" Sanitary Sewer By -Pass Line
$910,000
Resolution No. 2021-031
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