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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 Page 1 of 3 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: `, ,toommioNoo car revino, Ma ATTEST: 4Q '' �- yh :° Alicia Richardson .. City Secretary/Chief Governar ', rr ito 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 Page 2 of 3 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 Page 3 of 3