HomeMy WebLinkAboutCity Council Resolutions (R-94-1033)-07/19/1994
RESOLUTION R-94-1033
A RESOLUTION DECLARING EXPECTATION TO REIMBURSE EXPENDITURES
WITH PROCEEDS OF FUTURE DEBT
WHEREAS, the City of Colleyville, Texas (the "Issuer") intends to issue debt for
the purpose of constructing improvements and extensions to the
City's Waterworks and Sewer System, including the design and
construction of new lines (the "Projects") and further intends to make
certain capital expend itures for the Projects and currently desires
and expects to reimburse such capital expenditures with proceeds
of such debt;
WHEREAS, under Treas. Reg. 9 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
Expenditu res with proceeds of tax-exempt obligations.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF CITY OF
COLLEYVILLE, TEXAS:
Sec. 1:
That the Issuer reasonably expects to reimbursement 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 $2,680,000.
AND IT IS SO RESOLVED.
Passed t;>y I'vote of.:layes and-.!Lnays and ~abstentions on this the /qJ!.
day of ~J\J~ ' 1994.
fJ~
~OLLEv:'ILLE
Cheryl Fei~
Mayor
ATTEST:
ean Harris, CMC
City Secretary