HomeMy WebLinkAboutResolution - 2000-R0409 - Declare Expectations To Reimburse Expenditures With Proceeds Of Future Debt - 11/07/2000Resolution No. 2000-RO409
November 7, 2000
Item No. 38
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 stormwater
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 $35,000,000.
Passed by the City Council this 7th day of Novemberr 200
WINDY SITTQN, MAYOR
ATTEST:
Kaythk Darnell, City Secretary
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APPROVED AS TO CONTENT:
Perry Stout
Interim M ging Director Finance
APPROVED AS -TO FORM:
First Assistant City Attorney
JMK:cp Cityatt!JoimlReimbursement-4.Res & ccdocs
October 31, 2000
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