HomeMy WebLinkAboutResolution - 2004-R0222 - Resolution Of Intentionto Reimburse Capital Expenditures - 05_06_2004Resolution No. 2004-RO222
Nay 6, 2004
Item No. 34
A RESOLUTION declaring expectation to reimburse expenditures with proceeds
of future debt.
WHEREAS, the City of Lubbock, Texas (the "City") plans to issue tax exempt obligations
to finance the costs of improvements and extensions to City streets (collectively, the "Projects");
and
WHEREAS, prior to the issuance of such obligations, the City will make expenditures for
the Projects from existing funds on hand, and it is the intent of the City to reimburse such funds
with the proceeds of sale of such obligations; and
WHEREAS, under Treas. Reg. 1 1.150-2 (the "Regulation"), an official intent to
reimburse expenditure with the proceeds of tax exempt obligations must be made within 60
days of the date of the original expenditure; and
WHEREAS, the City desires to preserve its ability to reimburse the expenditures with
proceeds of tax-exempt obligations.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
LUBBOCK, TEXAS THAT the City reasonably expects to reimburse capital expenditures with
respect to the Projects paid with funds on hand from the proceeds of sale of tax exempt
obligations hereafter to be issued, and this resolution shall constitute a declaration of official
intent under the Regulation. The maximum principal amount of tax exempt obligations expected
to be issued for the Projects is $8,500,000.
PASSED AND ADOPTED this May 6, 2004.
ATTEST:
City ecretary
APPROVED AS TO CONTENT:
Andy Elurcham, Cash & Debt Manager
45424393.1