HomeMy WebLinkAboutResolution - 2003-R0210 - Resolution Declaring Expectation To Reimburse Expenditures - 05_22_2003Resolution No.
May 22, 2003
Item No. 60
RESOLUTION DECLARING EXPECTATION TO REIMBURSE
EXPENDITURES WITH PROCEEDS OF FUTURE DEBT
STATE OF TEXAS
COUNTY OF LUBBOCK §
2003—RO210
WHEREAS, the City of Lubbock (the "Issuer") intends to issue debt for electric
facilities and system improvements 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; and
WHEREAS, under Treas. Reg. § 1.150-2 (the "Regulation"), to fund such
reimbursement with proceeds of tax-exempt obligations, the Issuer must declare its
expectations 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 reasonable expects to reimburse capital expenditures with
respect to the Projects with proceeds of debt hereafter to be incurred by the Issuer,
and the 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 $12,970,000.
Passed by the City council this 22nd day
ATTEST:
&)-,, ) Rebecca Garza, CitySecretary
s May 2003.
MCDOUGAL, MAYOR
APPROVED AS CONTENT:
Hodges,
APPROVED AS TO
L. Wade,