HomeMy WebLinkAboutResolution - 6538 - Delaring To Reimburse Expenditures With Proceeds Of Future Debt - City Projects - 10_14_1999Resolution No. 6538
Oct. 14, 1999
Item No. 39
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
general purpose improvements for said City (the "Projects"), and further intends to
make certain capital expenditures with respect to the Projects 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 reimbursements; 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 Projects with proceeds of debt hereafter to be incurred by the Issuer,
and that this resolution shall constitute a declaration of offical intent under the
Regulation. The maximum principal amount of obligations expected to be issued for
the Project is $38,000,000.
Dated: October 14, 1999
Passed by the City Council this 14th day of October '1999.
WINDY SITTON, MAYOR
ATTEST:
I". Awl&
kat Darnell, City Secretary
APPROVED AS TO CONTENT
Betsy Bucy, M grog Directo of Finance
ild G. Vandiver-, First Assistant
Attorney
ccdocs/reimbursement.res