HomeMy WebLinkAboutR-2261-2-04RESOLUTION NO. 2261-2-04(R)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ALLEN, COLLIN
COUNTY, TEXAS, DECLARING EXPECTATION TO REIMBURSE
EXPENDITURES WITH PROCEEDS OF FUTURE DEBT; AND PROVIDING FOR
AN EFFECTIVE DATE.
WHEREAS, the City of Allen, Texas (the "City") plans to issue tax exempt revenue bond obligations to
finance the costs of improvements and extensions to the City's Waterworks and Sewer System, including
constructing the Prestige Circle Water Tower and the Westside Waterlines (hereinafter collectively referred to
as the "Projects"); and,
WHEREAS, prior to the issuance of such obligations, the City will make expenditures for the Projects from
existing funds on hand, and it is the intent of the City to reimburse such funds with the proceeds of sale of
such obligations; and,
WHEREAS, under Tress. Reg.' 1.150-2 (the "Regulation"), an official intent to reimburse expenditure with
the proceeds of tax exempt obligations must be made within 60 days of the date of the original expenditure;
and,
WHEREAS, the City 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 ALLEN,
' COLLIN COUNTY, TEXAS, THAT:
SECTION 1. The City reasonably expects to reimburse capital expenditures with respect to the Projects
paid with funds on hand from the proceeds of sale of tax exempt obligations hereafter to be issued in the
spring of 2004, and this resolution shall constitute a declaration of official intent under the Regulation. The
maximum principal amount of tax exempt obligations expected to be issued for the Projects is $3,400,000.
SECTION 2. This Resolution shall be in force and effect from and after its passage on the date shown
below.
DULY PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF ALLEN, COLLIN
COUNTY, TEXAS, ON THIS THE le DAY OF FEBRUARY, 2004.
APPROVED:
ZQ ^may
Stephen errell, MAYOR
ATTEST:
Shelley B. Gemrgk,-TRMC, CITY SECRETARY