HomeMy WebLinkAbout97-965 01-28-1997RESOLUTION NO. 97 -965
A RESOLUTION DECLARING EXPECTATION TO
REIMBURSE EXPENDITURES WITH PROCEEDS OF FUTURE
DEBT.
WHEREAS, the City of Euless, Texas (the "Issuer ") intends to issue
debt to acquire existing facilities to be used as a maintenance and
service center for city vehicles and to convert the existing
maintenance and service center into a fire station (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 to such debt;
WHEREAS, under Treas. Reg. Section 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, 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 $1,500,000.
APPROVED AND ADOPTED the 28th day of January, 1997.
ATTEST:
Or
-Age / /� // 1 4 d
Cri , CMC, City Secretary
8,1),LL, AP-a,
Mary LikY Saleh, Mayor