HomeMy WebLinkAbout03-1162 12-09-2003RESOLUTION NO. 03 -1162
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
street improvements, including relocation of utility lines, drainage, sidewalks, street
lighting, landscaping and land acquisition (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:
SECTION 1
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 $3,000,000.
PASSED AND ADOPTED on this the 9th day of December, 2003, at the regular
meeting of the City Council of the City of Euless, Texas by a vote of 7 ayes, 0 nays,
and 0 abstentions.
APPROVED:
c 11
Mary Li Saleh, Mayor
ATTEST:
Susan Crim, C C, City Secretary