HomeMy WebLinkAboutResolution 2001-016
Resolution No, 2001-016
A RESOLUTION declaring expectation to reimburse expenditures with the
proceeds of future debt.
WHEREAS, the City of North Richland Hills, Texas (the "Issuer") intends to issue
debt for street improvements (the "Project") and further intends to make certain capital
expenditures with the proceeds of such debt;
WHEREAS, under Treas. Reg. § 1.150-2 (the "Regulation"), to fund such
reimbursements with the proceeds of tax-exempt 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 the proceeds of tax-exempt obligations,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF NORTH
RICH LAND HILLS, TEXAS, THAT the Issuer reasonably expects to reimburse capital
expenditures with respect to the Projects with proceeds of debt hereafter to be issued 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
Projects is $4,235,000.
PASSED AND ADOPTED this 12th day of February 2001,
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Charles Scoma, Mayor
APPROVED AS TO LEGALITY:
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Attorney for the City
APPROVED AS TO CONTENT:
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