HomeMy WebLinkAboutResolution - 4221 - Delares Intention To Reimburse Expenditures W_Future Debt Proceeds, LIA Project - 08_12_1993Resolution No. 4221
August 12, 1993
Item #24B
RESOLUTION DECLARING EXPECTATION TO REIMBURSE
EXPENDITURES WITH PROCEEDS OF FUTURE DEBT
STATE OF TEXAS
COUNTY OF LUBBOCK
WHEREAS, t
improvements to
taxiway as part
intends to make
currently desire
proceeds of such
he City of Lubbock (the
the existing City Airpor
of the freight developme
certain capital expendit
s and expects to reimbur
debt;
"Issuer") in
t, including
nt area (the
ures with re
se such capi
tends to issue debt for
freight ramps and
"Project") and further
spect to the Project and
tal expenditures with
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 $ 3,625,000.