HomeMy WebLinkAbout08-99 1999-10-26 EULESS DEVELOPMENT CORPORATION RESOLUTION NO. 08-99
A RESOLUTION declaring expectation to reimburse expenditures with proceeds of
future debt.
WHEREAS, the Euless Development Corporation (the "Issuer") intends to issue debt for
park improvements at The Parks At Texas Star, including irrigation, landscaping, and the
construction of an entry way and parking 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. § 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 BOARD OF DIRECTORS OF THE
EULESS DEVELOPMENT CORPORATION, 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$1,000,000.
PASSED AND ADOPTED this October 26, 1999.
EULESS DEVELOPMENT CORPORATION
es!•ent, Boa d of Dire •
ATTEST:
Secretary, Bo.rd of Directors
802985.1