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
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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
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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
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