RESO 1998-09 - Reimbursement DrainageRESOLUTION NO. 98-09
A RESOLUTION declaring expectation to reimburse expenditures with proceeds
of future debt.
WHEREAS, the City of Huntsville, Texas (the "Issuer") intends to issue debt for street
improvements, including the acquisition of land and right-of-way therefor and drainage incidental
thereto (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
HUNTSVILLE, 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 $12,000,000.
PASSED AND ADOPTED this August 4,1998.
CITY OF HUNTSVILLE, TEXAS
Mayor
ATTEST:
APPR' ED:
Soo Bou ds, City Attorney
718226.1