HomeMy WebLinkAboutResolution - 6153 - Declare Expectation To Reimburse Expenditures With Proceeds Of Future Debt - 01/14/1999Resolution No. 6153
Item No. 41A
January 14, 1999
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 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
$29,700,000.00.
Dated: January 14, 1999.
Passed by the City Council this 14th day of January , 1999.
WINDY S TON, MAYOR
ST:
iL
ecretary
X153
APPROVED AS TO CONTENT:
Betsy Bucy, Director of Finance
APPROVED AS TO FORM:
,j
DandId G. Van >.ver,
First Assistant City Attorney
crp/reimbursc.res
ccdocs/danuary 8, 1999