RESO 1994-15 - Reimburse ExpendituresRESOLUTION NO. 94 -15
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 construction of improvements and extensions
to the Issuer's Waterworks and Sewer System and for improving,
renovating, repairing and equipping municipal facilities (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, 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 $1,420,000.
PASSED AND ADOPTED this November 15, 1994.
City Secretary
0210513
CITY OF HUNTSVILLE, TEXAS