HomeMy WebLinkAbout20-1577 05-26-2020 RESOLUTION NO. 20-1577
A RESOLUTION DECLARING EXPECTATION TO REIMBURSE
EXPENDITURES WITH PROCEEDS OF FUTURE DEBT
WHEREAS, the City of Euless, Texas (the "Issuer") intends to issue debt for the
following purposes: to finance the costs of paying contractual obligations to be incurred
for (i) paying costs of purchasing equipment, machinery, buildings, and vehicles for the
City's fire department and (ii) paying for professional services related to the construction,
installation, demolition in connection therewith and the financing thereof (collectively, the
"Projects"); and
WHEREAS, prior to the issuance of such obligations, the Issuer will make
expenditures for the Projects from existing funds on hand, and it is the intent of the Issuer
to reimburse such funds with the proceeds of sale of such obligations; 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 EULESS, TEXAS, THAT:
SECTION 1.
The Issuer reasonably expects to reimburse capital expenditures with respect to
the Projects 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 Projects is
$1,130,000.
APPROVED AND ADOPTED at a regular meeting of the Euless City Council on
May 26, 2020, by a vote of 7 ayes, 0 nays, and 0 abstentions.
APPROVED: ATTEST:
Lin a Martin, Mayor Kim utter, TRMC, CMC, City Secretary-