HomeMy WebLinkAboutResolution 2023-010 RESOLUTION NO. 2023-010
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 City streets, roads, and intersections, and
related curb, gutter, sidewalk, trail, drainage and utility infrastructure
nts and the acquisition of land, easements, rights-of-way,
improveme q
and other real property interests necessary therefor as described in
Exhibit A, and (ii) 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 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 as described in Exhibit A 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 principal amount of obligations expected to be issued
for the Project is $1,020,000.
PASSED AND APPROVED on this 23rd day of January, 2023.
Resolution No.2023-010
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CITY OF NORTH RICHLAND HILLS,
TEXAS
Tito Rodriguez, Mayor ro Tern
9
01101011000
ATTEST: 'L fr
Alicia QV*)an Richardson' f�7�'t:
City Secretary/Chief vy'6 n
"/gIllh11`JUIIft1.10
APPROVED AS TO FORM AND LEGALITY:
aleshia B. McGinnis, City Attorney
APPROVED AS TO CONTENT:
Mark C. Mills, Director of Finance
Resolution No.2023-010
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EXHIBIT A
PROJECTS INCLUDED IN REIMBURSEMENT RESOLUTION
(collectively, the "Project")
Debt Taxable/ Project
Type Tax-Exempt Type Description Amount
GO Tax-Exempt Streets Iron Horse Boulevard-East $1,000,000
Sub Total $1,000,000
�,, 'ti 1„11,1Ulp1�f:m s III (i1li11�11���� 11,117�9a�0a�ai ,
Ip116�6i1i1?,l llllP1,11�11111101„1�1'9�11,1101;1111,1od� s r are: uance cost „ $2f1,t?1 1111.
TOTAL $1,020,000
Resolution No.2023-010
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