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