1994-063RESOLUTION NO
A RESOLUTION declaring expectation to reimburse
expenditures with proceeds of future debt.
WHEREAS, the City of Southlake, Texas (the "Issuer") intends
to issue debt for the purchase of land for future city facilities
including, but not limited to, a new city hall and park facilities
the "Project") and further intends to make certain capital
expenditures for the Project and currently desires and expects to
reimburse such capital expenditures with proceeds of such debt;
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 reimbursement; and
WHEREAS, the Issuer desires to preserve its ability to
reimburse the expenditures with proceeds of tax-exempt obligations.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF SOUTHLAKE, TEXAS, THAT the Issuer reasonably expects to
reimburse capital expenditures with respect to the Project with
proceeds of debt hereafter to be issued 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 $25,000.
PASSED AND ADOPTED this November 15, 1994.
Q<.%, CITY OTHLAKE, TEXAS
A
UZ M:yok
ty Secretary
0210487