HomeMy WebLinkAboutResolution 2005-035
RESOLUTION NO. 2005-035
A RESOLUTION declaring expectation to reimburse expenditures with the proceeds of
future debt.
WHEREAS, the City of North Richland Hills, Texas (the "Issuer") intends to issue debt for
street improvements, drainage improvements and expansion/upgrade of the fire training
facility (collectively, the "Projects") and further intends to make certain capital expenditures
with the proceeds of such debt;
WHEREAS, under Treas. Reg. § 1.150-2 (the "Regulation"), to fund such reimbursements
with the 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 the proceeds of tax-exempt obligations.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF NORTH RICHLAND
HILLS, TEXAS, THAT the Issuer reasonably expects to reimburse capital expenditures
with respect to the Projects with proceeds of debt hereafter to be issued 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 Projects is
$1,145,000.
PASSED AND ADOPTED this 11 th day of April 2005.
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APP E "_E A TV:
Attorney for the City
APPROVED AS TO CONTENT:
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Director F~nance