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HomeMy WebLinkAboutResolution 2022-040 RESOLUTION NO. 2022-040 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, , () g g equipping, and improving various City streets, roads, and intersections, and related curb, gutter, sidewalk, trail, drainage and utility infrastructure improvements, and the acquisition of land, easements, rights-of-way, and other real property interests necessary 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, (iii) acquiring fleet vehicles and equipment for various City departments, including the fire/emergency services department and public works, 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 - (the "Regulation"), to fund such WHEREAS, under Treas. Reg. § 1.150 2 g ), 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 Resolution No.2022-040 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 $14,450,000. PASSED AND APPROVED on this 26th day of September, 2022. CITY OF ORTH HL D HILLS, TEXAS ►►+""*cf./""�"'By Osca T evin , Mayor ti ATTEST: ; �:• n •:y O1 Viz• •.�, Alicia Richardson City Secretary/Chief G . �� icer '11/F,YIRptflh% APPROVED AS FORM AND LEGALITY: 4 s aleshia B. McGinnis, City Attorney APPROVED AS TO CONTENT: Mark C. Mills, Director of Finance Resolution No.2022-040 Page 2 of 3 EXHIBIT A PROJECTS INCLUDED IN REIMBURSEMENT RESOLUTION (collectively, the "Project") Debt Taxable/ Project Type Tax-Exempt Type Description % Amount !. CO Tax-Exempt Streets Street Program Supplemental Funds $5,000,000 CO Tax-Exempt Fleet Dump Truck $185,000 CO Tax-Exempt Fleet Dump Truck $205,000 CO Tax-Exempt Fleet Fire Engine $985,000 CO Tax-Exempt Utility 24"Transmission Line $3,075,000 CO Tax-Exempt Utility Cellular End Point Conversion $4,855,000 Sub Total $14,305,000 }4ialit'o01V'I'i 4111 'Estimated'Issuance s KI �' 3 � (7�i'r TOTAL $14,450,000 Resolution No.2022-040 Page 3 of 3