HomeMy WebLinkAboutResolution 2023-076 RESOLUTION NO. 2023-076
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 municipal parks and recreation facilities that are
generally accessible to the public and are a part of the municipal park
system, and the acquisition of land, easements, rights-of-way, and
other real property interests necessary therefor, (ii) constructing,
renovating, and improving existing city public safety facilities,
including fire stations and the Public Safety Training Center, (iii) the
acquisition of fleet vehicles and equipment for the fire/emergency
services department and public works department, (iv) purchasing
and/or acquiring materials, equipment and machinery related to the
City's information technology systems, and (v) 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.
Resolution No. 2023-076
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The maximum principal amount of obligations expected to be issued
for the Project is $9,550,000.
PASSED AND APPROVED on this 25th day of September, 2023.
CITY OF NORTH. RICHLAND HILLS,
TEXAS
By:
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Alicia Richardson ..
City Secretary/Chief Governar ', rr
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APPROVED AS TO FORM AND LEGALITY:
41ALleshia B. Mc innis, City Attorney
APPROVED AS TO CONTENT:
ark C. Mills, Director of Finance
Resolution No. 2023-076
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EXHIBIT A
PROJECTS INCLUDED IN REIMBURSEMENT RESOLUTION
(collectively, the "Project")
Project
Project Type Description Amount
WP2305 Aquatic Green Extreme Replacement $5,400,000
FC2404 Facilities FD/PD Training&Station#5 Roof&Window Replacement $555,000
FC2407 Facilities Station#4 Roof Replacement 255,000
FS2405 Fleet Crew Cab Dump Truck 205,000
FS2407 Fleet Bruch Truck(Fire) 215,000
FS2408 Fleet Ambulance 320,000
IT2410 Info Tech Technology Upgrades 1,180,000
IT2405 Info Tech Network Equipment 1,300,000
Sub Total $9,430,000
Estimated Issuance Cost $120,000
Total $9,550,000
Resolution No. 2023-076
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