HomeMy WebLinkAbout98-986 01-27-1998RESOLUTION NO. 98 -986
A RESOLUTION OF THE EULESS CITY COUNCIL
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 constructing street and drainage improvements and renovations to an
existing building for use as 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 of such debt;
WHEREAS, under Treas. Reg. par. 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 $5,500,000.
PASSED AND APPROVED by the City Council of the City of Euless, Texas, and
effective on this 27th day of January, 1998.
CITY OF EULESS, TEXAS
/?L1/1%/ "t ,
Mary Lib Sh, Mayor
ATTEST:
Susan Cri , CMC, City Secretary