HomeMy WebLinkAboutResolution - 4777 - Declaring Expectation To Reimburse Expenditures With Proceeds Of Future Debt - 03_23_19954777
:esolution No.
[arch 23, 1995
:tem #9
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 Air Cargo Ramp
construction 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 $900,000.
Dated:
Passed by the City Council this
rd ,,___ _v /Y Ma
.VID R. LANGSTON, MA
ATTEST:
Betty Johns , City Secretary
APPROVED AS TO CONTENT:
Mark Hindman, Director of Support Services
APPROVED AS TO FORM:
G. Vandiver, First Assistant City Attorney
DGV:da
ccdocs\aircargo.res
March 10, 1995