HomeMy Public PortalAboutResolution No. 239-05 09-27-2005 Resolution No. 239-OS
• RESOLUTION EXPRESSING OFFICIAL INTENT
TO REIMBURSE COSTS OF PROJECTS
WHEREAS, the City of Richland Hills, Texas (the "Issuer") is a home-rule
municipality and political subdivision of the State of Texas;
WHEREAS, the Issuer expects to pay expenditures in connection with the
design, planning, acquisition and construction of the projects described on Exhibit "A"
hereto (the "Projects") prior to the issuance of obligations to finance the Projects; and
WHEREAS, the Issuer finds, considers, and declares that the reimbursement of
the Issuer for the payment of such expenditures will be appropriate and consistent with
the lawful objectives of the Issuer and, as such, chooses to declare its intention, in
accordance with the provisions of Section 1.150-2 of the Treasury Regulations, to
reimburse itself for such payments at such time as it issues obligations to finance the
Projects.
THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF RICHLAND HILLS, TEXAS THAT:
Section 1. The Issuer reasonably expects to incur debt, as one or more series of
• obligations, with an aggregate maximum principal amount not to exceed $415,000 for the
purpose of paying the costs of the Projects.
Section 2. All costs to be reimbursed pursuant hereto will be capital expenditures.
No tax-exempt obligations will be issued by the Issuer in furtherance of this Resolution
after a date which is later than 18 months after the later of (1) the date the expenditures
are paid or (2) the date on which the property, with respect to which such expenditures
were made, is placed in service.
Section 3. The foregoing notwithstanding, no tax-exempt obligation will be
issued pursuant to this Resolution more than three years after the date any expenditure
which is to be reimbursed is paid.
PASSED, APPROVED and EFFECTIVE this 27th day of September 2005.
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ATTEST: ~ Nelda 1S. Stroder, Mayor
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i Sutter, MC, City S~ ~ a : ~ ;
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Exhibit "A"
Acquisition of computer equipment and software for the police and finance departments
of the Issuer, police and fire department equipment, imaging equipment for the City
Secretary's office, vehicles for the police, fire and community development departments
of the Issuer, a backhoe for the public works department of the Issuer and library
equipment.
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