RESO 1994-08 - Reimburse ExpendituresRESOLUTION NO. 94 -08
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF HUNTSVILLE, TEXAS, DECLARING EXPECTATION
TO REIMBURSE EXPENDITURES WITH PROCEEDS OF
FUTURE DEBT.
WHEREAS The City of Huntsville, Texas (the "Issuer "), intends to issue debt for the
construction of a tourist and visitor's center honoring Sam Houston and the
history of the State of Texas (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 Huntsville, Texas,
that:
SECTION 1: 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 $500,000.
Passed and adopted this 31st day of May, 1994.
ATTEST:
i
0161utA) A itt,t_
Danna Welter, City Secretary
AP ROVED AS TO FORM:
ounds, City Attorney
THE CITY OF HUNTSVILLE
W. H. Hodges, Mayor