HomeMy WebLinkAboutCity Council Resolutions (R-99-1467)-02/02/1999
RESOLUTION R-99-1467
A RESOLUTION DECLARING EXPECTATION TO REIMBURSE EXPENDITURES
OF THE CONSTRUCTION OF A POLICE/COURTS FACILITY WITH PROCEEDS
OF FUTURE DEBT
WHEREAS, the City of Colleyville, Texas (the Ilssuer") intends to issue debt for
the purpose of constructing a Police/Courts facility (lithe Facility"),
including land acquisition and the design and construction of the
Facility and further intends to make certain capital expenditures for
the Facility and currently desires and expects to reimbu rse such
capital expenditures with proceeds of such debt;
WHEREAS, under Treas. Reg. ~ 1.150-2 (the "Regu lation"), 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-exem pt obligations.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF COLLEYVILLE, TEXAS:
Sec. 1:
THAT the Issuer reasonably expects to reimburse capital
expenditures with respect to the Facility 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.
AND IT IS SO RESOLVED.
Passed ~ a vote of..5:.ayes and--'Lnays and --'Labstentions on this the 2-d
day of braD. ry , 1999.
ATTEST:
CITY OF COLLEYVI LLE
~~
;J~
J an Harris, CMC
City Secretary
Richard Newton
Mayor