RESO 1995-07 - Reimburse ExpendituresRESOLUTION 95 -07
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 the purpose of constructing improvements and
extensions to the City's combined Waterworks and Sewer System,
including sewer collection and treatment 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. S 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 capital expenditures with proceeds of tax - exempt
obligations.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF HUNTSVILLE, 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 $16,000,000.
PASSED AND ADOPTED this October 3, 1995.
CITY OF HUNTSVILLE, TEXAS
Mayor, William B. Green
City Secretary, Danna Welter