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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 Page 1 of 3 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 Page 2 of 3 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 Page 3 of 3