HomeMy WebLinkAbout01-1087 01-09-2001RESOLUTION NO. 01 -1087
A RESOLUTION DECLARING EXPECTATION TO REIMBURSE
EXPENDITURES WITH PROCEEDS OF FUTURE DEBT
WHEREAS, the City Council of the City of Euless, Texas (the "City ") plans to issue tax
exempt obligations to finance the costs of constructing and equipping a storage and
maintenance facility for the City's Parks Department (the "Project "); and
WHEREAS, prior to the issuance of such obligations, the City is to make certain capital
expenditures for the Project from existing fund balances and operating reserves, and it is the
intent of the City to reimburse such fund balances and operating reserves with the proceeds of
sale of such obligations; and
WHEREAS, under Treas. Reg. § 1.150 -2 (the "Regulation "), an official intent to
reimburse expenditure with the proceeds of tax exempt obligations must be made within 60
days of the date of the original expenditure; 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 the City reasonably expects to reimburse capital expenditures with
respect to the Project with proceeds of tax exempt obligations hereafter to be issued, and this
resolution shall constitute a declaration of official intent under the Regulation. The maximum
principal amount of tax exempt obligations expected to be issued for the Project is $1,200,000.
PASSED AND APPROVED by the City Council of the City of Euless, Texas, and
effective, on this 9th day of January, 2001, by a vote of 6 ayes, 0 nays, and 0
abstentions.
ATTEST:
n Crim, C C, City Secretary
APPROVED:
APPROVED AS TO FORM AND LEGALITY:
Bob McFarland, City Attomey
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