HomeMy WebLinkAboutResolution - 6080 - Expect To Reimburse Capital Expenditures With Proceeds Of Debt - 10_22_1998Resolution No. �eio
Item No. 45
October 22, 1998
RESOLUTION DECLARING EXPECTATION TO REIMBURSE
EXPENDITURES WITH PROCEEDS OF FUTURE DEBT
THE STATE OF TEXAS §
COUNTY OF LUBBOCK §
WHEREAS, the City of Lubbock ("Issuer") intends to issue debt for electric
system improvements, water system improvements, and sewer system improvements in
and for said City ("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; and
WHEREAS, under Treasury Regulation Sec. 1.150-2 ("Regulation"), in order 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 the proceeds of tax exempt obligations; NOW THEREFORE:
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the Issuer reasonably expects to reimburse capital expenditures with
respect to the projects with the 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 Projects is
$26,250,000
Dated: October 22, 1998.
Passed by the City Council this 223d_ day of
ATTEST:
Kayd i Darnell, City Secretary
October
/. !� z .
!I • • '
, 1998.
APPROVED AS TO CONTENT:
Betsy Bucy, D' ector of Finance
APPROVED AS TO FORM:
Donald G. Vandiver, First Assistant City
Attorney
Ddres/Reimburs. res. doc
October 14, 1998