HomeMy WebLinkAbout00-1059 03-28-2000RESOLUTION # 00 -1059
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
purchase of golf carts for the municipal golf course (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 Issuer must declare its
expectation to make such reimbursement; and
WHEREAS, the Issuer 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, THAT the Issuer reasonably expects to reimburse capital expenditures with
respect to the Project 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 Project is
$8,900,000.
PASSED AND ADOPTED this March 28, 2000.
CITY OF EULESS, TEXAS
Mayor 4
ATTEST:
EULESS 2000.- REIM RES