HomeMy WebLinkAbout93-805 03-23-1993RESOLUTION NO. 93 -805
A RESOLUTION DECLARING EXPECTATION TO REIMBURSE EXPENDITURES WITH
PROCEEDS OF FUTURE PROCEEDS OF ONE -HALF CENT SALES TAX OR RELATED
DEBT.
WHEREAS, the City of Euless, Texas (the "City ") intends to make capital
expenditures from the City's general fund (the "Expenditures ") for parks and park
facilities, library improvements, and economic development, which are to be
financed with proceeds of one -half cent sales tax dollars or bonds issued by the
City's industrial development corporation (the "Issuer ") to be established and
organized pursuant to Section 4B of Article 5190.6, V.A.T.C.S; and
WHEREAS, the City intends and expects to reimburse the City's General Fund
for such Expenditures with the proceeds of one -half cent sales tax or the sale
of bonds issued by such Issuer; and
WHEREAS, under Treas. Reg. paragraph 1.103 -18 (the "Regulation "), to fund
such reimbursement with proceeds of tax - exempt obligations the City must declare
its expectation ultimately to make such reimbursement before making the
Expenditures; and
WHEREAS, the City desires to preserve its ability to reimburse the
Expenditures with proceeds.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Euless,
Texas that the City reasonably expects to reimburse the Expenditures with
proceeds or debt hereafter to be incurred by the Issuer, and that this resolution
shall constitute a declaration of official intent under the Regulation.
APPROVED AND ADOPTED at a regular meeting of the City Council of the City
of Euless, Texas on the 23rd day of March 1993, by a vote of 6 ayes, 0 nays and
0 abstentions.
ATTEST:
Susan Cri , CMC, City Secretary
APPROVED:
Harold D. Samuels, City Secretary