HomeMy WebLinkAboutResolution 2023-057 RESOLUTION NO. 2023-057
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) acquiring, constructing, renovating,
and equipping parks and recreation facilities, and the acquisition of
land, easements, rights-of-way, and other real property interests
necessary therefor 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 Issuer 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 $5,488,000.
PASSED AND APPROVED on this the 26th day of June, 2023.
Resolution No.2023-057
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CITY OF NORTH RICHLAND HILLS,
TEXAS
By:
14111ttf/p,Ii s re o, Mayor
ATTEST: •• -.
6" •ram--
-C :
Alicia Richardson ry'••.
City Secretary/Chief% vrrloVfficer
APPROVED AS TO FORM AND LEGALITY:
`Maleshia B. McGinnis, City Attorney
APPROVED AS TO CONTENT:
Mark C. Mills, Director of Finance
Resolution No. 2023-057
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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 Aquatic Park Green Extreme Replacement $5,400,000
Sub Total $5,400,000
Estimated Issuance Cost $88,000
TOTAL $5,488,000
Resolution No. 2023-057
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