HomeMy WebLinkAbout95-915 09-26-1995RESOLUTION NO. 95 -915
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 purpose of the construction of public works, to
wit: street, drainage and park improvements (the "Projects ") and
further intends to make certain capital expenditures for the
Projects 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 capital 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 Projects with 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 Projects is $5,200,000.
PASSED AND ADOPTED this September 26, 1995.
CITY OF EULESS, TEXAS
Mayor U
ATTEST:
oti-Chibt,