HomeMy WebLinkAboutResolution - 2003-R0045 - Expectation To Reimburse Expenditures With Proceeds Of Future Debt - 01/23/2003Resolution No. 2003-R0045
January 23, 2003
Item No. 48
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 storm
drainage 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
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
$11,500,000.
Passed by the City Council this 23rd da�� of
ATTEST:
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Rebecca Garza, City Secretary
AS TO CO
APPROVED AS TO
Assistant City Attorney