HomeMy WebLinkAboutResolution - 2004-R0352 - Resolution Declaring Expectation To Reimburse Future Debt - 07_15_2004Resolution No. 2004-IR0352
July 15, 2004
Item No. 37
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 the
purpose of paying contractual obligations incurred for (i) street improvements,
including drainage, street lights, and traffic signalization and the acquisition of land and
rights -of -way therefore, and (ii) professional services rendered in connection with such
projects and the financing thereof 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
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 official intent under the Regulation.
The maximum principal amount of obligations expected to be issued for the Project is
$3,100,000.
Passed by the City Council this 15th day of July 2004.
ATTEST:
Rebebca Garza, City Secretary
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