HomeMy WebLinkAboutResolution 2002-008
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RESOLUTION NO. 2002-008
A RESOLUTION DECLARING EXPECTATION TO REIMBURSE
EXPENDITURES WITH THE PROCEEDS OF FUTURE DEBT.
\VIIEREAS, the City of North Richland Hills, Texas (the "Issuer") intends to issue debt
for street improvements (thc "Project") and further intends to make ccliain
capital expenditures with the proceeds of such dcbt;
\VHEREAS, under Treas. Reg. § 1. I 50-2 (the "Rcgulation"), to fund such reimbursements
with the proceeds oftax-excmpt obligations the Issuer must declarc its
expectation to make such reimbursemcnt; and
WHEREAS, thc Issuer desires to prcserve its ability to reimburse the capital expenditures
with the proceeds of tax-exempt obligations; NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF NORTH RICHLAND HILLS,
TEXAS:
Section I:
THA T the Issuer rcasonably cxpects to reimburse capital cxpenditures with
rcspect to the Projccts with proceeds of dcbt hercafter to be issued by thc
Issuer, and that this resolution shall constitutc a declaration of oC/icial intent
under the Regulation. The maximum principal amount of obligations
expected to bc issucd for the Projects is $3,480,000.00.
AND IT IS SO RESOLVED.
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PASSED AND ADOPTED this _ day of 1 iLnu 6 \i \,2002.
CITY OF NORTH RICHLAND HILLS
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Alicia Richardson, Assistant City Secretary
By:
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Charlcs Scoma, Mayor
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APPRÒVED AS TO FORM AND LEGALITY:
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Gcorge A. Staplés, Áttomey
APPROVED AS TO/CONTENT:
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Director of nahce