HomeMy Public PortalAboutResolution No. 012-86 09-08-1986 RESOLUTION N0. 12-86
RESOLUTION OF THE
CITY OF RICHLAND HILLS, TEXAS
DESIGNATING MUNICIPAL LEASE-PURCHASE AGREEMENT
AS A QUALIFIED TAX-EXEMPT OBLIGATION OF THE
CITY OF RICHLAND HILLS, TEXAS
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
RICHLAND HILLS, TEXAS:
WHEREAS, the City Council of the City of Richland Hills,
Texas, at its regular meeting on Monday, August 11, 1986,
authorized the Lease-Purchase of a computer system and associated
equipment for the police department of the City of Richland,
Texas; and
WHEREAS, it is desirable to designate such
Lease-Purchase and the Municipal Lease-Purchase Agreement as a
qualified tax-exempt obligation of the City of Richland Hills,
Texas, for the purpose of Section 802(e)(3) of the Tax Reform Act
of 1985 as adopted by the U. S. House of Representatives on
December 17, 1985, and otherwise designated as H.R. 3838; and
WHEREAS, this agreement and other tax-exempt obligations
of the City of Richland Hills, Texas, do not exceed the sum of
TEN MILLION DOLLARS (10,000,000.00);
NOW THEREFORE, PREMISES CONSIDERED, the City Council of
the City of Richland Hills, Texas, hereby approves the
Lease-Purchase of a computer system and associated equipment for
the police department and authorizes the Mayor and the City
Secretary to execute all documents in connection therewith.
BE IT FURTHER RESOLVED that the obligation and the
Municipal Lease-Purchase Agreement be and it is hereby designated
. as a qualified tax-exempt obligation of the City of Richland
Hills for purposes of Section 802(e)(3) of the Tax Reform Act of
1985 as adopted by the U.S. House of Representatives on December
17, 1985, and otherwise designated as H.R. 3838.
PRESENTED AND PASSED by the City Council of the City of
Richland Hills, Texas, by a vote of 4 "AYES"
and 0 "NAYS" and 0 "ABSTENTIONS, this 8 the
day of Sept. , 1986.
C~ ~
PAUL C. DANIELS, Mayor
ATT~S
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Pauline Kempe, City Secretary