HomeMy WebLinkAbout10-1349 11-09-2010RESOLUTION NO. 10 -1349
A RESOLUTION DECLARING EXPECTATION TO
REIMBURSE EXPENDITURES WITH PROCEEDS OF
FUTURE DEBT.
HEREAS, the City of Euless, Texas (the 'Issuer ") intends to issue debt for
including drainage, landscaping, curbs, gutters,
lighting and traffic signalization incidental thereto and the
rights -of -way therefor (the "Project'}) and further intends to make
expenditures with respect to the Project and currently desires and
the capital expenditures with proceeds of such debt; and
mprovements,
entryways, signage,
acquisition of land and
certain capital
sidewalks
expects to reimburse
WHEREAS, under
bursement with
expectation
to make
Treas. Reg .
1.150 -2 ' (the 'Regulation "), to
the Issuer must' declare
fund
uch
proceeds of tax - exempt, obligations
such reimbursement; and
REAS, the Issuer desires to, preserve its ability
expenditures
with proceeds of
tax-exempt obligations;
to,ri
mburse the capital
NOW,
THEREFORE, BE IT RESOLVED BY THE
CITY
COUNCII
OF THE
CITY
OF
EULESS, TEXAS:
SECTION '1
THAT The Issuer reasonably expects to reimburse capital expenditures with
respect to the Project with proceeds of debt hereafter to be incurred 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.
APPROVED at a regular meeting
November 2010 by a vote of 6 ayes, 0
of
the Euless City Council
n
he gin day
of
nays, and
0
abstentions.
APPROVED:
A
EST: