HomeMy WebLinkAboutR-3522-10-17' RESOLUTION NO. 3522-10-17(R)
A RESOLUTION declaring expectation to reimburse expenditures with proceeds
of future debt
WHEREAS, the City of Allen, Texas (the "Issuer") intends to issue debt to acquire,
construct, improve, renovate, enlarge or equip property, buildings, structures, facilities or related
infrastructure for the City's Waterworks and Sewer System (collectively, the "Projects") and further
intends to make certain capital expenditures with respect to the Projects and currently desires
and expects to reimburse the capital expenditures with proceeds of such debt; and
WHEREAS, under Trees. 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 capital expenditures
with proceeds of tax-exempt obligations.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
ALLEN, TEXAS THAT the Issuer reasonably expects to reimburse capital expenditures with
respect to the Projects with proceeds of debt hereafter to be incurred 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 $8,500,000.
' DULY PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF ALLEN,
COLLIN COUNTY, TEXAS, ON THIS THE 10m DAY OF October 2017.
CITY OF ALLEN, TEXAS
STEPHEN ERRELL
Mayor
1
ATTEST:
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SHELLEYY B.
TRMC, City Secretary
(City Seal)
23720792.1/08009902