HomeMy WebLinkAbout96-957 08-27-1996RESOLUTION NO. 96 -957
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 purchase of materials, supplies, equipment and
machinery for the City's golf course facilities (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. S 1.150 -2 (the "Regulation ") , to
fund such reimbursementw*ith proceeds of tax-exempt obligations the
Issuex 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 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 $750,000.
PASSED AND ADOPTED this August 27, 1996.
CITY OF EULESS, TEXAS