HomeMy WebLinkAboutCity Council Resolutions (R-93-951)-11/16/1993
RESOLUTION R-93-951
A RESOLUTION DECLARING EXPECTATIONS TO REIMBURSE EXPENDITURES
WITH PROCEEDS OF FUTURE DEBT
WHEREAS, the City of Co1leyville, Texas (the "Issuer")
intends to issue debt for the purpose of
constructing improvements and extensions to the
ci ty , s Sewer System (the "proj ect" ) 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 capital expenditures with proceeds of
tax-exempt obligations.
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF COLLEYVILLE, 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 the obligations expected to be issued for the
Project is $2,365,000.
AND SO IT IS RESOLVED:
Passed b~/a vo~ of
day of l)!s{V P 111 jJ.J' r
,C; to
, 1993.
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Attest:
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City Secretary
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Richard Newton
Mayor