HomeMy WebLinkAboutCity Council Resolutions (R-99-1578)-12/07/1999
RESOLUTION R-99-1578
A RESOLUTION DECLARING EXPECTATION TO REIMBURSE EXPENDITURES
FOR THE DESIGN OF CITY HALL WITH PROCEEDS OF FUTURE DEBT
WHEREAS, the City of Colleyville, Texas (the "Issuer") and the Colleyville
Econom ic Development Corporation intends to issue debt for the
purpose of designing a City Hall facility, and further intends to make
certain capital expenditu res for the project and currently desires and
expects to reimburse such capital expenditures with proceeds of
such debt; and
WHEREAS, under Treas. Reg. S 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 reimbu rse 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 design of a City Hall 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.
Passe<L.J<y a vote of~ ayes.~ nays and ~ abstentions on this the 7'1/.
dayof....ld.ttY.mbt-1 ,1999.
CITY OF COLLEYVI LLE
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J n Harris, CMC
City Secretary
Mayor