HomeMy WebLinkAboutResolution - 4767 - Declaring Expectation To Reimburse Expenditures With Proceeds Of Future Debt - 03_09_19954767
Resolution No.
March 9, 1995
Item # 11
RESOLUTION DECLARING EXPECTATION TO REIMBURSE
EXPENDITURES WITH PROCEEDS OF FUTURE DEBT
STATE OF TEXAS §
COUNTY OF LUBBOCK §
WHEREAS, the City of Lubbock (the "Issuer") intends to issue debt for two
playgrounds in Mackenzie Park in and for said City (the "Project"), and further intends to
make certain capital expenditures with respect to 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 capital
expenditures with proceeds of tax-exempt obligations.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
ISSUER THAT the Issuer reasonably expects to reimburse capital expenditures with respect
to the Project with proceeds of debt hereafter to be incurred by the Issuer, and that this
resolution shall constitute a declaration of official intent under the Regulation. The
maximum principal amount of obligations expected to be issued for the Project is $75,000.
Dated: March 9, 1995.
Passed by the City Council this
ATTEST:
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Betty M. Johnson, ity Secretary
APPROVED AS TO CONTENT:
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Yana Mosqueda,PIrector of Management
Services
APPROVED AS TO FORM:
f
nald G. Vandiver, First Assistant
City Attorney
DGV :da\ccdocs\playgmd.res
March 1, 1995