HomeMy WebLinkAboutResolution 1994-055
RESOLUTION NO. 94-55
A RESOLUTION declaring expectation to reimburse
expenditures with proceeds of future debt.
WHEREAS, the City of North Richland Hills, Texas (the
"Issuer") intends to issue debt for street improvements, drainage
improvements and public safety facilities and equipment (the
"Projects") and further intends to make certain capital
expenditures for the Projects and currently desires and expects to
reimburse such capital expenditures with proceeds of such debt;
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 capi tal expendi tures with proceeds of tax-exempt
obligations.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
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 $5,890,000.
PASSED AND ADOPTED this 14th Day of November.. 1994
CITY OF NORTH RICHLAND
HILLS, TEXAS
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Mayor
ATTEST:
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ty Secretary
0205692