HomeMy WebLinkAboutCity Council Resolutions (R-22-4791)-11/15/2022RESOLUTION R-22-4791
A RESOLUTION DECLARING EXPECTATION TO REIMBURSE
EXPENDITURES WITH PROCEEDS OF FUTURE DEBT
WHEREAS, the City of Colleyville, Texas (the "City"), intends to issue debt
for the purpose of paying contractual obligations to be incurred
for (i) constructing, improving, renovating, and equipping park
and recreation facilities, including the acquisition of land
therefor, and (ii) professional services rendered in connection
thereof (collectively, the "Project"); and
WHEREAS, the City further intends to make certain capital expenditures
with respect to the Project and currently desires and expects to
reimburse the capital expenditures with proceeds of such debt;
and
WHEREAS, under Treas. Reg. § 1.150-2 (the "Regulation"), to fund such
reimbursement with proceeds of tax-exempt obligations, the
City must declare its expectation to make such reimbursement;
and
WHEREAS, the City 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:
Sec. 1 THAT the City reasonably expects to reimburse capital
expenditures with respect to the Project with proceeds of tax-
exempt obligations hereafter to be incurred by the City, and
this resolution shall constitute a declaration of official intent
under the Regulation. The maximum principal amount of
obligations expected to be issued for the Project is
$10,300,000.
Sec. 2 THAT this Resolution shall be in force and effect from and after
its passage on the date shown below.
AND IT IS SO RESOLVED.
APPROVED BY A VOTE OF 7 AYES, 0 NAYS, ON THIS THE 15T" DAY OF November
2022.
Mayor Bobby Lindamood
Brandi Elder, Place 1
George Dodson, Place 4
Callie Rigney, Place 6
ATTEST:
CujL a�
Christine Loven, TRMC
City Secretary
Resolution R-22-4791
Page 2 of 2
Aye Mayor Pro Tern Kathy Wheat Aye
Aye George Bond, Place 2 Aye
Aye Chuck Kelley, Place 5 Aye
Aye
COL
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/Vobb
dYVILLE
Mayor