HomeMy WebLinkAbout01-1102 06-12-2001RESOLUTION NO. 01 -1102
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
acquisition of rights-of-way for street improvements to Mid - Cities Boulevard (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, TEXAS, THAT the Issuer 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 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 $1,500,000.
PRESENTED AND PASSED on this the 12th day of June, 2001, by a vote of
6 ayes, 0 nays, and 0 abstentions at a regular meeting of the City
Council of the City of Euless, Texas.
APPROVED:
Mary Lib Sa e , Mayor
ATTEST:
san Crim, MC, City Secretary