HomeMy WebLinkAboutResolution - 2002-R0108 - Resolution Declaring Expectation To Reimburse Expenditures Of Future Debt - 03/28/2002Resolution No. 2002-RO108
March 28, 2002
Item No. 21
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 sewer
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
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
$2,500,000.
Passed by the City Council this 28th day of March 2002.
WINDY SITT , MAYOR
ATTEST:
&P, 0 �,, _., , - ,
Reb cca Garza, City Secretary
APPROVED AS TO CONTENT:
APPROVED AS TO FORM:
1" Assistant City Attorney
JMK:gs Cityatt/John/Reimbursement-2.Res & ccdocs
March 20, 2002
ince