RESO 2001-09 - Reimburse Golf Course ConstructionRESOLUTION NO. 2001-09
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTSVILLE, TEXAS,
DECLARING EXPECTATION TO REIMBURSE EXPENDITURES FOR THE
CONSTRUCTION OF A GOLF COURSE WITH PROCEEDS FROM THE ISSUANCE OF
DEBT; AND DECLARING AN EFFECTIVE DATE.
WHEREAS, the City of Huntsville, Texas intends to issue debt for the construction of a city -
owned golf course known as Raven Nest Golf Course, herein referred to as "Project," and further
intends to make certain capital expenditures for the Project; and
WHEREAS, the City of Huntsville currently desires and intends to reimburse said capital
expenditures for the Project with proceeds of such debt; and
WHEREAS, in order to fund such reimbursements under Treas. Reg. § 1.150.2 (the
"Regulation ") with proceeds of tax - exempt obligations, the City of Huntsville must declare its
expectation to make sure reimbursements; and
WHEREAS, the City of Huntsville desires to preserve its ability to reimburse the
expenditures for the construction of the city -owned golf course with proceeds of tax - exempt
obligations; NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF HUNTSVILLE, TEXAS,
that:
SECTION 1: The City of Huntsville reasonably expects to reimburse capital expenditures
in the maximum amount of $2,660,747 for the city -owned golf course known as Raven Nest Golf
Course with proceeds of debt hereinafter to be issued by the City of Huntsville, and that this
Resolution shall constitute a declaration of official intent under the Regulation. The maximum
principal amount of obligations to be issued for the Project is not expected to exceed $2,660,747.
PASSED AND APPROVED ON THIS 21TH DAY OF AUGUST, 2001.
CITY OF HUNT$VILL , TEXAS
By:
ST:
William B. Green, Mayor
APPROVED AS TO FORM:
aul . Isham, City Attorney
Danna Welter, City Secretary