1998-027 ResolutionResolution No. 98-27
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 (a) the construction of (i) improvements and
extensions to water and sewer facilities, (ii) street improvements,
including the acquisition of land and rights-of-way therefor and
drainage incidental thereto and for traffic signalization, (iii)
storm sewer drainage improvements, (b) the purchase of materials,
supplies, equipment and machinery (furniture, computer hardware and
software, vehicles, communication equipment, mowers, etc.) for city
facilities and departments, including the city hall, the public
works department, the parks and recreation department and the
public safety department (the "Projects") and further intends to
make certain capital expenditures for the Projects 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 Projects 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 Projects is $14,000,000.
PASSED AND ADOPTED this April2l, 1998.
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City Secretary
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CITY OF SOUTHLAKE, TEXAS
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