HomeMy WebLinkAboutCity Council Resolutions (R-99-1560)-10/19/1999
RESOLUTION R-99-1560
A RESOLUTION DECLARING EXPECTATION TO REIMBURSE EXPENDITURES
FOR THE RE-ALlGNMENT OF CHURCH STREET WITH PROCEEDS OF
FUTURE DEBT
WHEREAS, the City of Colleyville, Texas (the "Issuer") intends to issue debt for
the purpose of re-aligning Church Street, including the acquisition of
land, design, and construction 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
expenditures with proceeds of tax-exem pt obligations.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF CITY OF
COLLEYVI LLE, TEXAS:
Sec. 1
THAT the Issuer reasonably expects to reimburse capital
expenditures with respect to the re-alignm ent of Church Street 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.
passe'!lJp ~~ ~ S ayes,--o- nays and D- abstentions on this the J Gj ~
day of , 1999.
;J-~
ClpEYV
Donna Arp
Mayor
J n Harris, CMC
City Secretary