HomeMy WebLinkAbout13-1405 03-12-2013 RESOLUTION NO. 13-1405
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF EULESS,
TEXAS, DECLARING EXPECTATION TO REIMBURSE
EXPENDITURES WITH PROCEEDS OF FUTURE DEBT.
WHEREAS, the City of Euless, Texas (the "City") intends to issue debt to finance
the construction, acquisition, purchase, renovation, enlargement, equipment and
improvement of waterworks and sewer system properties and facilities, including the
acquisition of land and rights-of-way therefor (the "Project") and further intends to make
certain capital expenditures for the Project 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 City must declare its
expectation to make such reimbursement; and
WHEREAS, the City desires to preserve its ability to reimburse the 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 City reasonably expects to reimburse capital expenditures with respect to
the Project from funds on hand with the proceeds of debt hereafter to be issued by the
City, 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
Project is $6,500,000.
SECTION 2.
This Resolution shall become effective immediately from and after its passage,
as the law and charter in such cases provide.
APPROVED AND ADOPTED at a regular meeting of the Euless City Council on
the 12th day of March 2013, by a vote of 6 ayes, o nays, and o abstentions.
APPROVED: ATTEST:
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Mary ib Saleh, Mayor Ki tter, TRMC, City Secretary