HomeMy WebLinkAbout19-1558 10-08-2019 RESOLUTION NO. 19-1558
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: (i) the construction of public works, to wit: acquiring, designing,
constructing, improving, expanding and equipping one or more fire stations (including the
demolition of existing Fire Station #1); and (ii) professional services rendered in
connection with such projects and the financing thereof (collectively, the "Projects"); 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
ISSUER THAT:
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
$7,500,000.
APPROVED AND ADOPTED at a regular meeting of the Euless City Council on
October 8, 2019, by a vote of 6 ayes, 0 nays, and 0 abstentions.
APPROVED:
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Linda Martin, Mayor
ATTEST:
Kim utter, fRMC, CMC, City Secretary