HomeMy WebLinkAboutResolution - 4199 - Declaring Expectation To Reimburse Expenditures W_Procceds Of Future Debt - TI - 07_08_1993Resolution No. 4199
July 8, 1993
Item #29A
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 make certain
capital expenditures with respect to construction of street improvements,
including signalization, lighting and rights -of -way (the "Project") and
currently desires and expects to reimburse such capital expenditures with
proceeds of debt to be incurred hereafter for such purpose;
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 $ 10,170,000
Dated:
Passed by th
ATTEST:
etty o ns n, City Secretary
HW Aw/agenda-M/Project.res
July 1, 1993