HomeMy WebLinkAbout99-1026 06-22-1999RESOLUTION NO. 99 -1026
A RESOLUTION DECLARING EXPECTATION TO
REIMBURSE EXPENDITURES WITH PROCEEDS OF
FUTURE DEBT.
WHEREAS, the City Council of the City of Euless, Texas, (the "Issuer ") intends
to issue debt to construct facilities to be used by the Police and Municipal Court
Departments ( "Project ") and further intends to make certain capital expenditures for the
Project 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
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 Project 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 Project is
$8,500,000.
PASSED AND ADOPTED at a regular meeting of the Euless City Council on the
22nd day of June 1999, by a vote of 6 ayes, 0 nays, and 0 abstentions.
APPROVED:
Mary Lib Sa h, Mayor
_ ATTES
/i / /G%�/�r1
usan Cri . CMC, City Secretary