HomeMy WebLinkAbout18-1525 01-23-2018 RESOLUTION NO. 18-1525
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
following purposes, to wit: (i) the construction of public works to wit: (a) constructing,
renovating, enlarging, equipping, and improving various streets, roads, bridges,
overpasses, alleyways, thoroughfares, sidewalks, pathways and related municipal
facilities within the City, including lane markings, signage, street drainage, curbs, gutters,
ADA accessibility, traffic signals, lighting and landscaping related thereto and the
acquisition of necessary rights-of-way and land in connection therewith; (b) constructing,
renovating, enlarging, equipping, and improving water and wastewater facilities for the
City and the acquisition of necessary rights-of-way and land in connection therewith; and
(c) renovating, improving and equipping existing City buildings and facilities for police, fire
and other City departments, including HVAC system and lighting improvements, and (ii)
professional services rendered in relation to such projects and the financing thereof; and
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:
SECTION 1.
The Issuer reasonably expects to reimburse capital expenditures with respect to
the projects with proceeds of debt hereafter to be incurred 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
$9,300,000.
APPROVED AND ADOPTED at a regular meeting of the Euless City Council on
January 23, 2018, by a vote of 5 ayes, o nays, and 0 abstentions.
APPROVED: ATTEST:
' Vl_inda Martin, Mayor Sutter, TRMC, City Secretary