HomeMy WebLinkAboutResolution - 3873 - Declare Intent To Reimburse Expenditures With Proceeds From Future Debt - 04_23_1992Resolution No. 3873
April 23, 1992
Item #25
RESOLUTION
A RESOLUTION DECLARING EXPECTATION TO REIMBURSE EXPENDITURES WITH
PROCEEDS OF FUTURE DEBT.
STATE OF TEXAS §
COUNTY OF LUBBOCK §
WHEREAS, the City of Lubbock, Texas (the "Issuer") intends to make
capital expenditures for the installation of a soil liner in the City of
Lubbock Landfill Cell III that at a minimum is at least equivalent to, but
in no case less than, three feet of soil having a maximum coefficient of
permeability of 1.0 x 10-7 cm per sec. installation (the "Expenditures") and
currently desires and expects to reimburse the Expenditures with proceeds of
debt to be incurred hereafter for such purpose;
WHEREAS, under Treas. Reg. §1.103-18 (the "Regulation"), to fund such
reimbursement with proceeds of tax-exempt obligations the Issuer must
declare its expectation ultimately to make such reimbursement before making
the Expenditures; and
WHEREAS, the Issuer desires to preserve its ability to reimburse the
Expenditures with proceeds of tax-exempt obligations; NOW THEREFORE:
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the Issuer reasonably expects to reimburse the Expenditures with
proceeds of debt hereafter to be incurred by the Issuer in a principal
amount which the Issuer expects will not exceed $910,000 and that this
Resolution shall constitute a declaration of official intent under the
Regulation.
Passed by the City Council this 23rd day of April 1992.
C c •
McMINN, MAYOR
ne,ute
ecreta
APPROV D AS TO CONTENT:
Q_
Robert Massengale, AssistaO City
Manager for Financial Services
APPROVED AS TO FORM:
D6Wd G. Vandiver, First Assis
City Attorney
DGV:dw
agenda-D;2/Landfi11.Res